Johlin, if you intend to carry the refurbishment of houses on as a business, you or your +1 will need to become a licensed builder. As for the tax situation, provided that your are registered for GST, you should be able to recoup your GST inputs (ie suppliers/subbies) however you cannot generally pass these on to the purchaser in a resi property…[Read more]

You'd be best advised to speak to both a QS & your accountant – QS for your depreciation schedule and your accountant regards to the proportion that you can attribute to the duplex (hint it will not be 100% of the loan and may be somewhat less than 50%). Depending upon that state that you live, it may be possible to transfer the property between…[Read more]

Karen, consider the following: you want furnishings which will perform for the longest period with minimal maintenance and suiting the premises.In most residential situations you would consider venetians (slimline metal) or roller blinds. Vertical blinds may be an option but will only last a few years. Curtains will require regular laundering (you…[Read more]

I am not aware of any particular literature on the pros and cons however you might consider getting some knowledge about managing strata property so that you understand your rights & obligations as an apartment owner in a strata complex.

One quick word of warning with purchasing some fittings from overseas eg tapware, electrical & a few others is that they are governed by Australian Standards and will require local certification to ensure that they are safe (ie will not contaminate water supply, correct voltage and the like).Not sure about delivery however for a great builders…[Read more]

Why would you consider an over 55's covenant when the block of units next door offers similar or better amenty without a restrictive covenant?

I am not aware of any case law or planning laws which protect views (only your right to privacy).

GFC2007 wrote:
But, what about Mr Markie's rental expense, is that deductible also?

As the medical practice is renting the suite from the SMSF (which is a different entity to the medical centre), then the rent should be a legitimate expense of the practice.As for the rest, the asset sits inside the super fund and would be taxed at the MRT of…[Read more]

Business Activity Statement (the form you use to advise how much gst you have paid and how much you have charged).

Chris, you are faced with a couple of choices:Sell the current PPOR, capitalise on the profits and invest in a new home & or investment propertyKeep PPOR and borrow for a new PPOR, renting out your current unitKeep PPOR, buy another IP and rent elsewhere.(there are other choices as well).Selling the current unit will give you an untaxed capital…[Read more]

Matt, your issue will still be that even though you have recieved a deposit from a purchaser (either on accrual or cash basis) you will still have to pay the gst to the builder & lodge your BAS in order to get your credits until settlement.

Sewer connection is a capital cost, hence it is only able to be depreciated.If you (or the neighbour behind) have paid S94 contributions for the provision of services for subdivision, I'd be hammering council to provide those services to the site. It is council's stipulation that you connect to the sewer however, you can argue that until council…[Read more]

GST is usually paid on a quarterly basis – you pay the difference between the reciepts and the income recieved. As for the trigger date, it is the date of the contract not settlement.In the meantime, you will still have paid the deposit on the land (as the construction contract is a separate matter) as well as stampduty on the transfer of title.

Matt what do you expect to gain from being registered for gst? It does not give you any benefit that anyone who isn't registered wouldn't get anyway. ie you cannot add gst to the selling price, it is gst inclusive (unless it is a going concern for commercial property).

A freebie is a freebie esp when Ruddbank et co. is giving it away.

Is a pump out service an option?

Is there a ceiling on the cost of the block in NSW? They paid over $1m

I'd suggest planting some quick growing trees (of a suitable height) to screen the sight and muffle the sound of the train line. It may not do much but it is a start. You can't change its location but you can improve the outlook.You may even be able to contact the railway to lease part of the land between the block and the rail line and landscape…[Read more]

Use vistaprint, I do (well it works).Keep your card simple – ie name, contact details (ph, mobile, email, fax, postal), company name (if any).Agents will generally keep your details in their database anyway (once you make a few contacts with them).

Why is it going to cost $30K to get hooked up to the sewer? Is the new sewer in a difficult location? Does it not pass by your property? Does council expect you to extend the sewer up to your property ie be the first to connect to it, then everyone else in the street has access to it? If this is the case push council to pay for the extension of…[Read more]