An Education in Income Tax Law

Point 1

Not all accountants, or tax practitioners, read and understand tax law the same way. That is why, for example, we see so many issues in tax law go to court for the judges to decide on what is right and what is wrong.

It is also interesting to note that it is not uncommon for court decisions on tax related…[Read more]

Perhaps our friend should be grateful that I do not believe in suing people…..but, I can tell you that comments like the ones posted on this forum did have my legal friends salivating at the chance to flex their muscles…

http://www.caslon.com.au/defamationprofile.htm

what is defamation?

Defamation essentially takes two forms – libel…[Read more]

Hi

I am devastated to read the comments in this thread, but, they were brought to my attention by someone who thought they were defamatory….

I am well aware that some people will not understand what is an allowable tax deduction and what is not allowable under the tax law.

The book showed possible tax deductions which are common for many,…[Read more]

Jeez, you guys have been good to respond – thanks!

My challenge is that I will need a 100% mortgage. After many years of hard work, I finally have a good income but nothing saved (yet), hence the 100% loan. I am also self-employed which means that I am limited as to where I can go to get a home loan. My last year’s figures are good, but previous…[Read more]

Thanks Terry.

What is the title of the book? I will check it out.

Does anyone at all have any feedback on ‘my strategy’???

I’m currently hoping to buy a little terrace in the city fringe that I can do up. Surely soemone has an opinion on this as whether or not it’s a good way to go to build equity fast??!!! [worried]

I have reading these posts with interest – particularly on the WA front. Personally, I have just “cashed in” and sold 2 properties (my only 2 IP’s by the way!) as I couldn’t resist the big gains that had been made and was eager to use the suplus funds to pay off my home loan (which is costing over $1000 / month in non-tax deductable interest! I…[Read more]

Kate

I think it’s a briliant idea – go for it. Yes, you do defniitely need to be very organized and professional so that buyers feel safe buying from you. It is a legal requirement to have the contract prepared….your lawyer can advise you on other protocol as well. Pretend you are an agent yourself and go through all the same steps that they…[Read more]

Thanks so much to everyone for your input, I’m very grateful.

Thanks to your information, I have been able to make two decisions

1) I have made a decision to purchase my PPOR ‘safely’ and NOT to use my tax money. I will wait until I have all my tax saved to date and then to get a 100% offset loan, against which I can temporarily use this saved…[Read more]

Thanks HEAPS to everyone for your replies This Forum is so cool!

By the way, I’ve changed my name from brilliantstar to sancutary – I hope you’re not confused.

You’re right, I’m self-employed….and this is already starting to sound a bit complex as a starting point in property. I think the best thing to do is probably to have the 100% offset…[Read more]

Thanks Dave. I will definitley check it out.

Originally posted by The Mint Man:

Who noticed the size of that first vidio he wanted us to watch?
I watched about 1/4 (if that) of it and thought to myself “I better check how much this vid is is using up”… well when I saw 200MB I stoped straight away.
I would have really liked to watch the whole thing but at the expense of using up 1000MB and…[Read more]

Leverage the $100K into $1m and buy growth properties and you’ll be a long way ahead at the end of time even allowing for interest costs.

Hi there,
Please explain the how leverage works
Rae

Hi!

Why is it you want to get a personal loan from family and friends?
Are you just starting out in property investing and if so, why not use a bank?

Think long and hard about involving family and friends, especially if you are new to this game. If there are problems ahead, your friendships may turn sour. They may think ……
– you are just…[Read more]

Thanks Ptn for posting this information.

yes it good to read these type of posts and learn from other people’s experiences.

all the best in your next venture.

Think about what you are going to use the money for rather than the couple of thousand you want extra on this deal.

Will the extra time waiting for a better offer mean that you will miss out on your other opportunities?

Personally, I’d take the money and move on to the next deal.

Remember that after the 5 days expires, and if you do not get any…[Read more]

Originally posted by redwing:
Why such a Big Deposit?
The max I pay is $1,000 the Minimum I’ve done is $100?

Learning, learning…
[suave2]

Building and pest inspaction reports arrived.
Building inspection says the building is in great condition. He found asbestos in eaves though. I dont think this is such a NO NO, as there is a thick layer of…[Read more]

I am bit confused with deposit and getting a loan process. Probably it is so simple but, learning as I go due to this is my first property.

House price is $217k
I have $20k in my bank account.

And I signed up for %5 ($10800, which I paid $500 of it initially) deposit with the real estate agent.

Want to barrow %90 from the bank.

I have caught…[Read more]

We are defacto at the moment. Can she still get her FHOG in this circumstances for another property? I thought she cant.
Our salaries are very similar.
We will put both our name together into the loan.
Set up a meeting with broker tom night.

Speaking of out of the country investing, there is actually an opportunity that will become available to us over here in OZ.

My cousin is in property in the Baltic States and partakes in developments similar to yours gross. He was just over here in OZ and the plan is to source direct investors from OZ to fund major developments over there for…[Read more]

Sorry – it was purchased in 2004.