If you do have a holiday while going to inspect your apartment – or do any personal stuff, then you will need to apportion your claim.

Thanks again Eddie

Thanks for clearing things up with the losses Eddie.It is interesting what you say about accountants and trusts. I had one client who was an accountant (not sure what qualifications) and he had no idea about trusts. There are many others that I deal with and they only know the basics.It is the same with lawyers. Trust law is compulsory part of the…[Read more]

No taxes in selling an owner occupied property (usually), but your trust will have to pay stamp duty on the purchase. Best to speak with a good accountant to get some advice before proceeding. You need to determine if the cost of the stamp duty can be justified by the savings in tax in future years. And remember trusts cannot distribute losses.

dna4 wrote:

Terryw wrote:
Don't forget 3, borrowing costs can only be claimed over 5 years or the term of the loan if shorter1. Travel to inspect property, repairs, to accountants, to mail box, to agents, to collect rent etc3. depreciation of building4. depreciation of fittingsThere must be a few more, but thats all I could think of ATM

Thank…[Read more]

Better talk to your lawyer as there is much to consider. eg. What happens if you do all those improvements and cannot settle?

The FHOG is not concerned with whose name is on the loan, but who is on title. Maybe you could get one each?

Thats it Mick. You will pay more stamp duty and if there is a lender involved which mortgages the property it may be considered fraud if not disclosed. If there is no lender, then?????? check with your lawyer.

RoyWhy not use a 100% offset – which makes things less complicated with tax if you need some of your money back but give you the same result.And if you have a loan that is non-deductible, why not pay that first – otherwise you are paying more tax.

I think it is going to be hard. I don't know any bank that will lend for NZ. I think Pioneer Mortgages used to, but probably not anymore.What you could do is to get an increase on your loan and use the cash – but did you realise that even though you have this equity, you could only use up to 90% to 95% of it.

where is kochi?

CRJI think CGT would be payable on the value of the shares transfered – but you raise an interesting point. What happens if the company sells one property?

Hi BBThat means you are making a profit which is good. Don't forget the trust doesn't have to distribute to you. Some of all could go to a child/husband/relative. If none are available, or already earn too high, then you could distribute to a company and cap the tax at 30%.

Don't forget 3, borrowing costs can only be claimed over 5 years or the term of the loan if shorterSome other stuff1. Travel to inspect property, repairs, to accountants, to mail box, to agents, to collect rent etc2. Postage – if need be3. depreciation of building4. depreciation of fittings5. repairs6. Land tax7. water rates8. Insurance (landlords…[Read more]

check out the pdfs on http://www.bantacs.com.au

Market value is the price a purchaser is willing to pay, so if you buy it for $90k, it is probably only worth $90k.If you had cash (eg LOC from existing property), maybe you could pay $120,000 with a $30k rebate for work not completed – eg a promise of a pool to be constructed before settlement. You are not deceiving a bank as there is not bank…[Read more]

b) There are not many 100% loans left. They are tightening up every week, so they may not exist much longer. Better be quick!The 100% loans are also very severe with their checks. St George will want statements from all of your credit cards and other loans to see if there is any missed payment and will want an explanation for all inquiries on your…[Read more]

Here is a bit from a newsletter on Japan that I subscribe to:Terrie's Take 485 — Holiday Homes in the Mountains, ebiz news from Japan       * * * * * * * * * T E R R I E 'S T A K E * * * * * * *A weekly roundup of news & information from Terrie Lloyd.(http://www.terrie.com)General Edition Sunday, September 15, 2008 Issue No. 485+++ WHAT'S…[Read more]

Hi TuggerYou should work it out using a proper calculator, I think the lower the rate gets the higher percentage the principle will be as there is less interest. Excel has a good amortisation sheet in it.

I think that would be the case in NSW last time I looked. Stamp duty varies depending on state.