rooma

The answer is simple “disclosure”.

Sure all the other finance guys we will concur be honest with your lender and he will be honest with you. It’s also known as a small matter of fraud if you don’t disclose.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Grreg

Theory is fine but a QS may not realise how building costs relate to supply & demand of labour.

Certainly in SE Qld if you used that yardstick you would never start any development. Any builder worth his salt has enough work for the next 6-12 months.

It all depends i guess on your start and finish dates and how much lead time you can…[Read more]

Acey old mate if i have to point out what he is advertising then i think it will be lost on you.

I can also think of 3 separate pieces of legislation that he is close to breaching with that sort of post.

Also interesting to see it is his first post.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just…[Read more]

Simon is right in his assessment.

Just bear in mind that if your purchaser fails to settle with you on the right date then that does not let you out of the contract with your Vendor.

Depending on the circumstances your Vendor may not allow an extension to the settlement time.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no…[Read more]

Errrrr Isn’t this advertising.

Maybe the Moderators were sleeping at the weekend.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Lifex

Scott operates in a different State to us.
I am assuming you are referring about Victorian legislation. In case you are not in Qld the duty is payble prior to the posession date and long before settlement which could be in 25 years.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution…[Read more]

Oh yes one last thing for your $30000 were you getting a double block !!!!

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Dave

A well timed question.

Yep you can build on Russell Island, well thats if you can find any builder prepared to put up the amount of sand flies and mozzies during the construction period.

Oh yes and you wanted services did you. Ah Redland Shire Council inherited the collection of Rates from the Qld Govt some years ago and someone fogot to…[Read more]

John is bang in his response.

One of the priviledges of being classified as a property developer is i can hand of 11th of the difference between my purchase price and my sale price over as GST (assuming i am using the margin scheme).

I guess i have the massive benefit of being able to invest the imput credits along the way (big deal).

Doing the…[Read more]

Tools in one.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

KP

If you re-read my answer to your post you will note that the reference to Stamp Duty refer to the wrappee.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Kp

As Julia rightly points out the Settlement date is the date in which the title passes to the wrappee.

The date the transfer is executed and normally the date the wrapper moves into the property is known as the Possession date.

Stamp Duty (certainly in Qld) is triggered when the Transfer document Form 1 is stamped and that is prior to…[Read more]

The Club has been around in Brisbane for around 8/9 years having been established by Kevin (formally Swampe) & Kathy Young.

Suggest you might like to correspond with Derek (moderator) as i beleive he is involved in the organiation in WA.

If you need any further information on the Brisbane please feel free to email me I initially providing the…[Read more]

Hi Skippygirl

You have it in one.

Told you there was a big change in interpretation didn’t i.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Terry

As always bang on. If they don’t get paid you as the legal owner of the property are liable.

I would suggest that you incorporate a clause in your Standard Installment Contract to divide the rates by say 12 and collect an even amount each month from your wrappee.

Bear in mind you can always do the adjustments up at the end of the year but…[Read more]

Guys just posted an answer to this one on another forum but in essence you might like to refer to the attached link from the ATO on the way on which Installment income is Taxed.

Another win for…[Read more]

Roofarmer

Terry as usual is correct there has been a few changes to the way Installment Contracts are taxed.

Have a look at the following link and this might help. All in all its another win for wrappers in the way income is…[Read more]

Simon

Nah you can’t mean that Broker wouldn’t put a client into a deal with the NAB becos of “you now what”

Aren’t we all supposed to work for nothing these days.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

I agree with Scott.
We have only used 3 lenders with 151 completed deals.

One of the lenders has done 2 deals and we won’t be going back whilst the other one a major top four Bank has done over 130 fully disclosed wrap deals.

It is all about presentation and the balance of the deal. In our case the Bank concerned want the property development…[Read more]

Show them the Pty Ltd Accounts.
Your wages will show as an expense with the P & L A/c and the lender will recongise the undistributed Net Profit as income.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found