WJ Hooker replied to the topic Fish and chips in the forum Creative Investing 8 years, 8 months ago
Natasha 77,
I hope you have studied the tax returns and books for the shop and taken them or had an accountant check them ?
I remember visiting fish and chip shops as a kid, so they seem to go on forever, must be some money in it.
I knew a family that run a fish and chips shop, to me they seemed to get more out of it in tax savings and bulk buying…[Read more]WJ Hooker replied to the topic Change of Main Residence – clarification required for CGT Exemption & 6 yr rule in the forum Legal & Accounting 8 years, 8 months ago
Peter is correct.
You need a valuation ( paid for to registered valuer not free real estate quotes) for your Melbourne property as that becomes the starting point for any future CGT.You have up to 6 months leeway.
Your price paid for the Brisbane house is your starting price for it for any CGT ( if you decide to nominate it as investment…[Read more]WJ Hooker replied to the topic Shud I buy now, or Rent till next year, and hold off in the forum Help Needed! 12 years, 10 months ago
Desilucky, Don't buy. You will loose money.You only buy if house prices are rising faster than your repayments minus tax savings plus cost minus the first number in your head etc… The global community is toast.
WJ Hooker replied to the topic CIty centre Brisbane or Townsville in the forum Help Needed! 12 years, 10 months ago
Lizzie, I am trying to sell a house in Townsville. Let me give you a clue as to house prices.Going back a year there would be about 4-5 pages of houses for sale at Kirwan, now there are 14 pages.Houses that were $300,000 are now $250,000. I suggest you buy in Brisbane, but it is also dropping, so maybe don't buy..Good Luck
WJ Hooker replied to the topic The steps to watch for in the coming Australian housing correction in the forum General Property 13 years, 6 months ago
Great post fellows keep it up. Finally, something curent and interesting to read on this site.By the way Steve Keen is posting articles again on the current housing prices…Yes, I know lots of people are now saying "what does he know, he sold his property years ago thinking house prices would fall". Maybe he was just a little too early, and as…[Read more]
WJ Hooker replied to the topic Australian Property Bubble (article on Associated Press) in the forum Hi DWolfe and 13 years, 10 months ago
Hi DWolfe and others, I know I posted a forum saying that house prices should fall from about Sept 09 I think it was , due to rising interest rates, etc, etc. But I was wrong they didn't, but as I said it's still a chance it may happen soon.I couldn't help but notice in my area these interesting things just…[Read more]
WJ Hooker replied to the topic Land Tax in the forum Legal & Accounting 13 years, 10 months ago
Scott, I understand your position, but do you own the property now ( not your PPOR ? )The land tax is on any property that's not your PPOR, or over a certain value ( depending on other properties ) which I'm sure you know about, so I am guessing this property is your PPOR at the moment ??? or am I missing something.
WJ Hooker replied to the topic Property bust not here yet … worse to come in the forum General Property 14 years ago
DWolfe, I think you have touched on a very important subject. EDUCATION. I wont rave on here about it but it is a very valid point that we in Australia need a better Education System. Especially need more financial education at school and at home.gmh545, Thanks for your input. As the others have said, your clients are…[Read more]
WJ Hooker replied to the topic October 09 Property Crash Begins in the forum General Property 14 years ago
harb and DWolfe,I was wrong…there I said it.Next time I should read it properly ( sometimes it's hard to get any peace in this house – four kids wanting to get onto the computer and the misses plus a grandchild wanting to play – I think you all get the idea ). The heading left out the word month so I presumed it meant over the last year since I…[Read more]
WJ Hooker replied to the topic October 09 Property Crash Begins in the forum General Property 14 years ago
Almost 1 year since posting.Lets see nowhttp://www.news.com.au/money/property/house-prices-dip-and-will-fall-further/story-e6frfmd0-1225932622360?area=money-sub-oneHouse prices down 0.2% see I told you so….LOL… I rest my case…Just joking..but still If inflation is at say 3% then really the loss is 3.2% roughly. So I guess I was sort of…[Read more]
WJ Hooker replied to the topic 6 year rule clarification required in the forum Legal & Accounting 14 years, 1 month ago
Which is why I don't use an accountant. This just reinforces my view of them.Problem is most people believe every word they say, even when you send them an ATO ruling.
WJ Hooker replied to the topic Property bust not here yet … worse to come in the forum General Property 14 years, 1 month ago
OK so if the consensus is that housing will be flat for many years and no boom coming…. ( most people seem to go along with this ??).Then the obvious question is WHY are people buying investment properties ??Since and correct me if I'm wrong – you get rich from capital growth not rental income, why would anyone be throwing money away purchasing…[Read more]
WJ Hooker replied to the topic Investment property in husband’s name. Deposit to be used from wife’s offset account. How can interest be claimed on tax?? in the forum Finance 14 years, 1 month ago
Your 10% deposit is from an offset account – thus the extra interest, on that money is interest you can claim. You can do whatever you like with money in an offset account.However the 10% you use for your husbands property cannot be claimed by him, And he cannot now get a loan for that 10% and claim it because it is considered as money paid off so…[Read more]
WJ Hooker replied to the topic October 09 Property Crash Begins in the forum General Property 14 years, 2 months ago
This post from Steve Keen maybe the start of some house price action ?? House prices finally turn the corner ??http://www.debtdeflation.com/blogs/
WJ Hooker replied to the topic When loan is in my name only but the house is in joint names, does that mean I have all the negative gearing benefit? in the forum Help Needed! 14 years, 2 months ago
Hi, I think you are all looking at it from your point of view.Now imagine you are the ATO.Someone comes to you and says I borrowed $2 to buy something that is worth $1, now I want to claim interest on the $2 loan.It's the way they would look at the property purchase, you cannot borrow $500,000 and use $250,000 to buy half a house and then cla…[Read more]
WJ Hooker replied to the topic When loan is in my name only but the house is in joint names, does that mean I have all the negative gearing benefit? in the forum Hi, Just by chance, 14 years, 2 months ago
Hi,
Just by chance, last night I went to an ATO seminar on Buying, Keeping and Selling Investment Properties.
There were lots of people there.
One question asked was about borrowers and names on contract. It's actually the opposite to this but maybe gives some insite."
If the loan is in both names and property is in one name – can one pe…[Read more]
WJ Hooker replied to the topic When loan is in my name only but the house is in joint names, does that mean I have all the negative gearing benefit? in the forum Help Needed! 14 years, 2 months ago
Hi, Just by chance, last night I went to an ATO seminar on Buying, Keeping and Selling Investment Properties.There were lots of people there.One question asked was about borrowers and names on contract. It's actually the opposite to this but maybe gives some insite." If the loan is in both names and property is in one name – can one person cl…[Read more]
WJ Hooker replied to the topic When loan is in my name only but the house is in joint names, does that mean I have all the negative gearing benefit? in the forum Help Needed! 14 years, 2 months ago
WJ Hooker replied to the topic Property/ Investment “seminars” are for mugs in the forum Opinionated! 14 years, 2 months ago
Badgers_R_UsGood on you and best of luck.
WJ Hooker replied to the topic June Interest on IP in the forum Finance 14 years, 2 months ago
JPS25, I think maybe I read it wrong for the solicitor…If you mean the solicitor was just for the loan then as above.But if the solicitor was for the transfer of property etc then it not deductable and is a cost of the house.as for CGT etc.bye again
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