Forum Replies Created
That’s an outrageous price hike! Good luck, I hope you get a better price and QUU don’t give you any grief approving the work.
Sorry I can’t help you but I’m curious about the costs. Hopefully someone in the forum has experience with this.
Hmm ….. thanks Mainholm.
Ah, thanks Terryw. Yes, I think I was confusing myself.
Hi forum
I’m also in awe of the knowledge some of the forum members have and really enjoy reading the replies. Thanks.
Sorry if I’m showing my ignorance here but I have a question about CGT too. I’ve just retired and next year will not have a taxable income so won’t need to lodge a tax return. I plan to sell my existing home. With the cash I plan to buy then renovate and sell another PPOR, holding each time for the required 12 months to qualify for CGT free status. I would like to do this progressively about 3 times. I’m sure I’ll be completely exhausted by then! but hopefully a little better off financially. I know I should ask an accountant but unfortunately I don’t have one now.
So my question is this, how will the ATO assess this if I’m not lodging a tax return? Or, do I have to lodge a return showing no income but just showing the sale of the property? I’m keen to hear your opinions on this strategy. Thanks in advance.
Hi forum
I’m also in awe of the knowledge some of the forum members have and really enjoy reading the replies. Thanks.
Sorry if I’m showing my ignorance here but I have a question about CGT too. I’ve just retired and next year will not have a taxable income so won’t need to lodge a tax return. I plan to sell my existing home. With the cash I plan to buy then renovate and sell another PPOR, holding each time for the required 12 months to qualify for CGT free status. I would like to do this progressively about 3 times. I’m sure I’ll be completely exhausted by then! but hopefully a little better off financially. I know I should ask an accountant but unfortunately I don’t have one now.
So my question is this, how will the ATO assess this if I’m not lodging a tax return? Or, do I have to lodge a return showing no income but just showing the sale of the property? I’m keen to hear your opinions on this strategy. Thanks in advance.
If this development is located within the Brisbane CBD then the developer will no doubt install a resident manager either by selling the management rights or by entering into an agreement with a commercial manager. Either way, there will be someone onsite willing to organise the letting and everything else for you ….. at a price.
If my memory serves me correctly the short term letting (management) fee is around 17.5% plus you will have numerous additional costs such as advertising, cleaning costs, linen costs, internet/video/entertainment levy, credit card charges, telephone, postage, refurbishment levy (obviously you’ll have to fully furnish at settlement too), travel agency commissions ….. the list goes on. Plus you will have your regular expenses such as rates, water, body corporate levies, insurance and vacancy rate. At the end of day expect around half the income will go out in expenses.
On top of that you can expect to only sell to another investor as who would want to live in a ‘hotel’? Owner occupiers are reluctant to buy in these buildings so you’ll have a limited market to sell to. Capital gains will be ordinary, just do some research on comparable buildings completed in the past.
My advice would be run a mile.
Tip: “Short term, when talking about property, is 7-10 years” ie one property cycle.
I stole this from Steve M.
