Phil, there are ways to ‘minimise’ your CGT. Basically you sell when your income is going to be quite low. I think you can still prepay interest on your loans – this is one way to reduce income. Also if you’re sitting on any capital losses anywhere (shares for instance) now could be a good time to liquidate – even if you were to buy back in at…[Read more]

Good luck with it. Mortgage Hunter and TerryW appear to be the guys that log on most often. So if it wasn’t one of those two, and you don’t get a response, try them.

Cheers
Mel

Luke, it can’t hurt to ask for a second opinion!

Cheers
Mel

Trust Magic from http://www.gatherumgoss.com, or else there’s been a couple written by N.E. Renton that might help.

Cheers
Mel

Did you know that Henry Kaye’s organisation was actually a Registered Training Organisation? Is that the same as you are suggesting?

Don’t shoot me, I do not quite get what you are saying.

If property seminars were going to be disallowed cos of some shonks, then they would presumably make an announcement as such. I haven’t heard of anything…[Read more]

Luke, I suggest you definitely contact one of the Mortgage brokers on this site. You can give them more details in privacy, and they can tell you if you in fact do have a problem, and what your options are. I think there are always options.

Cheers
Mel

Monkeybam, why do you keep suggesting that people will have got in too deep with Wraps? Are you saying that they won’t have found buyers? That’s the only thing I can see that would cause them some stress…

Cheers
Mel

1: if I work full time and my partner is a full time student is there any advantage in buying IP’s in her name?

It depends on your long term strategy. I would consider setting up a family (discretionary) trust, as this gives you the option of who to distribute the income or CG to (if you sell). Far more options for down the track when…[Read more]

Phil, it looks like you are doing well. You’ve added approx $180K to your bottom line since purchase of your PPOR 3 years ago.[^]

If you like the strategy of building, it obviously seems to work for you, so maybe continue doing that. As for the business, well, I guess it depends how much it would cost, and therefore how much of a bank loan you…[Read more]

quote:Originally posted by kay henry
I could set myself up to give seminars for 50k- but why would the ATO accept you using it as a tax deduction? Surely, there is some regulation on what is accepted and what isn’t?

So are we saying that we wouldn’t claim Steve’s seminars? If I learn something that is going to help me with my ‘career’ – in this…[Read more]

Hi Craig T, and welcome

Try this

https://www.propertyinvesting.com/rentorown.html

Cheers
Mel

Kenzhang, it’s not too often that the ATO will check things like deposits and where they came from.

As Australia is a self assessment country (ie, you basically ‘say what you like’ in your tax return, and hope that you don’t get audited and have to prove it), your friend’s friend obviously got lucky and so far has never been subjected to an…[Read more]

Alister, I just tried clicking on that ‘button’ and my computer popped up with a runtime error. It’s similar to what I get when popups come, so I turned off my firewall, but still get the error. Is it just me?

Cheers
Mel

PS. I just wanted to agree with the others that you’ve all done a fantastic job with the new look.[^]

The questions from the ATO go:

What properties did you own before the seminar?
What did you pay, what rental etc.

How long was the seminar (give us the notes!!). What were the topics covered? what (specifically) did you use in the seminar to increase your rental income. If you have not yet, what will you use to increase etc. etc.

What have…[Read more]

quote:Originally posted by kay henry
I would think with a 15K (or 50K seminar) you would NOT be able to claim it as a legitimate expense.

Kay, why would you say that? I’ve claimed a $15K course in my 01/02 tax return. I’m being questioned now on my Tony Robbins claim (which was also $12K), but not the investment seminar. My partner has been…[Read more]

Hi Brooke

quote:Originally posted by bw
I was wondering what the members thought about taking debt into retirement.

Absolutely. I hope to take as much debt into retirment as I possibly can. I’m more than happy to leave my kids (if I have any) a massive debt, cos I know that there will be an even more massive equity built in.[]

Cheers
Mel

This only means savings if the developer is not greedy, and is willing to discount the price by what it would cost to market them.

Cheers
Mel

Originally posted by Julia
Section 118-192 If you first rent out your home after 20th August 1996 the cost base becomes the martket value at the time of renting out. But this does not apply if you are using Section 118-145 to continue to class it as your PPOR.

Thanks Julia, you’re a champ. GMH 454, this is what I was talking about. It covers…[Read more]

Fibe, to get to your profile, click on the Members link. It then has a profile button that will show up.

Cheers
Mel

I would have thought that your local bank was still a good place to go – they know clients that ‘might’ be in trouble, which is way before the repossession phase, and there could be a win-win involved if the people can sell to you before the bank takes it back.

Cheers
Mel

Where did SIS’s posts go? Now I demand a recount on his posts!![]