justgjt wrote:
Is it due to be paid before or after settlement date??????

Shouldn't make much of a difference justgjt, if there is no recovery/clawback provision. You could still get the purchaser to pay this directly and reduce the amount you get at settlement.

As the zoning is commercial you should be fine for a number of uses (existing use – retail) as well as office use (eg accountants, solicitors etc) but it would be worth checking with council what the zoning allows.The complex is small – this reduces your risk of too many interests in the centre (ie there are only a handful of owners, not dozens).…[Read more]

Yes, no and maybe Trakka. As land tax is levied on the owner as at 31/12/0X then the vendor is still the owner of the property (CGT works on the contract date however land tax works on the owner as at that date).So, if you had marked the contract for sale with a notation that a land tax adjustment was required, then the purchaser would be…[Read more]

Linar, contact the St James Ethics Centre and discuss your concerns.However, I would review all of my own paperwork including the written offers to ensure that I hadn't make a mistake and believed that I was paying more than is shown on the contract.

Purchase price is based on the 'capitalisation of net income', that is cashflow is analysed over the long term factoring in net rent, rental growth, vacancy factors, risk, interest, inflation etc, with a secondary methodology used as a check measure (most likely either summation or direct comparison). As the premises is a retail shop in a centre,…[Read more]

imugli wrote:
This may sound completely out there, but have you considered leaseholding the land? Someone who may want to build but doesn't have the cash for the land up front may purchase a leasehold on the property and develop it. The leasehold could be over say 10 or 20 years. Then make part of your contract that if they wish to sell, you get…[Read more]

As a residential buyer, I would expect that the price offered by myself would be inclusive of gst regardless of the status of the current owner – it is the market which dictates the price of residential or commercial property not the vendor (if it were the other way around you might be holding onto it for a very long time for the market to rise to…[Read more]

Don't bank on 52 weeks worth of income.Management fees for agent?Landlord insurance?Repairs/Maintenance costs?Was a depreciation schedule provided when you bought the unit (if purchased new)? This will be a good starting point for any QS.Is the current loan P&I or IO?You will need to make up the shortfall between net income and expenses (it…[Read more]

Pretty well summed up Trakka, although I'd add rent reviews could also include annual CPI, fixed, fixed + %, market and ratchet clauses.Do your homework especially with regard to what current market rent is, it doesn't always mean that it will increase. I have seen many which have now dropped 15-20% since the expiry of their leases ie below what…[Read more]

You can borrow PI or IO for most puposes, it doesn't need to be for investment.Benefits – lower repayment on IO (based on the same amount borrowed as you are not contributing to the repayment of capital) Disadvantages – you will need to refinance for the same amount at the expiry of the loan/no reduction in the balance owed. Asset value may not…[Read more]

Thx Elkam, rang the OSR this morning, PITA……They will only deal with the owner of the land (a bit hard if you are investigating). However, they levy landtax on the owner as at 31.12.XX ie the vendor. As the vendor has paid/still to pay then the vendor is passing on the cost to ourselves. I now have to negotiate down from this position – based…[Read more]

Put the 149 back on the owner to produce, after all he is selling it (and your solicitor would requisition one from them during the cooling off period anyway).

Well, start recreating your diary:Date/Time  Taxi to airport incl invoicesDate/Time  Flight No. including invoicesDate/Time  Hire Car Pick-up incl booking slip & numberDate/Time  Arrive AccommodationDate/Time  Drive to unitDate/Time  Inspect PremisesDate/Time  Phone Calls to tradiesDate/Time  Visit to Trade suppliersDate/Time  Visit to CouncilD…[Read more]

Contact the Australian Property Institute – they are the controlling body for all valuers and their listing should show any areas of expertise.

If you sell in 08/09 then you pay in 09/10 (after you lodge your return). If the contract is dated before 1 july 08, you will pay this year.CGT is levied on the total capital gain so from when you purchased until date of sale contracts, so yes if you sell in 09 you will pay for 2007-2009.

Principal Place of Residence ie the house that you live in and claim an exemption from CGTUltimately you will have to report the CGT and pay the tax when you get your tax assessment from the ATO, until that time you can do whatever you like with the money as long as you can access funds to pay the tax when it falls due.

A couple that you might grill:http://www.abbotttout.com.au/driver.asp (seems to be a more commercially minded legal firm/multi-site/states)http://www.conveyancingavenue.com.au/  (conveyancer)

http://www.vcat.vic.gov.au/CA256DBB0022825D/page/Residential+Tenancies?OpenDocument&1=70-Residential+Tenancies~&2=~&3=~

Firstly, the conventional way that you can avoid paying CGT is to have it as your PPOR – a bit hard when it is land only. If the date between signing the contract of sale to the next contract of sale is less than 12 months, then there is no discount for any capital gain – you might have to wait until September if you want to get a discount on the…[Read more]

Consider using a local solicitor who deals mainly in the area eg someone based in Kellyville/Castle Hill/Norwest as they will know the area fairly well and be well acquainted with any proposals that may be under consideration. You may raise the question with them to confirm how active they are in the area that you are buying and if there is…[Read more]