Hi everyone,
I thought I’d start this topic, so that anyone who has heard any rumors, with regards to investing (of course) can post them here and can pose the question…Fact or Fiction [?]
So I will start it off, because I was away last week and I thought that I heard that Victorian Stamp Duty was going to rise. Fact or Fiction [?]
Look foward to knowing…
Happy ‘eve to you all
Sooshie [
]There are no problems, only solutions
Hi Sooshie
Great idea. I haven’t heard anything on Vic Stamp Duty so can’t answer your question. But will hit the trail to find out more.
But one FACT that I know for sure is that Land Tax has increased since last year. Just received my 2003 Notices – ouch !!. The threshold has increased from $125K to $150K. This is good news. The actual rate in the $ has remained the same. This is good new too.
But their is a hugh increase in the Index Factor – Depending upon which Municipal Council your property is in – mine have increased from 14% to 19% for the 3 councils were my properties are located. Hence Land Tax Bill has increased by up to 19%.
Property Investing is always fun until the Bills arrive !!!!!Cheers
NessieThe WA govt has put up stamp duty to cash in on the rising properties here. No doubt the Vic govt will do the same. Easy money.
Hi
Just thought of one:
The government are looking at regulating wrapping and you will need to be accredited to do so in a business capacity in the future.
Fact or fiction?
David U
Hi there,
OOOOOOooooo! I’ve definitely opened up a can of worms here [
]
Nessie, perhaps whilst Simon was squealing in the car I heard Stamp Duty rises on the radio and really they said Land Taxes. I’m not sure on that one though, so the 2 F questions still remains.
Doesn’t surprise me about WA, it currently has the lowest Stamp Duty after QLD. Everyone wants to get paid when you buy land, house etc!
David, I’d like to know the answer on that one?
Anyone FACT or FICTION [?]Cheers
Sooshie []There are no problems, only solutions
Hi all,
David, from where I sit, it’s just a matter of time till wrapping is regulated. After much thought on this topic, I can’t say it’s a really bad thing, because there are some people out there giving ‘wraps’ a bad name (ref ‘A Current Affairs’ program a few months back) and also the fact that some Real Estate Agents won’t deal with you if they know you do wraps, even if your not a shonk [
!]
Anything that makes money, will have a watchdog sooner or later. Consumer affairs will keep close watch, considering the amount of cons out there(this is not to say wrappers are cons…please don’t hurl abuse at me, I am by no means suggesting this). Things can’t go on unregulated for long, it makes too many people nervous. There are many control freaks out there.My 2 Bobs worth
Cheers
Sooshie []There are no problems, only solutions
Sooshie
I agree
Cheers
David U
No Sooshie, anything that burns innocent citizens through no real fault of their own gets regulated. Lets get that straight. Maybe the money that is being made is at the expense of the ordinary “Joe”
Hi Deanjp,
I’d like to better understand where you are coming from bet,so could you explain what you mean by this
through no real fault of their ownwith regards to the
burnt innocent citizens
Maybe it’s because I just watched ‘The Matrix Reloaded’ and one thing which was repeated was the concept of ‘Choices’. Could you please give me an example? I never really taught how to do cryptic crosswords []
Cheers
Sooshie []There are no problems, only solutions
Hi,
Guess who the ATO is targetting this financial year, when the returns role in?
Property Investors.
It was up there on the screen in blue and white channel 10 news.
The sharks are getting hungry! [}]How do you think negative cash flow property investors will fair next to positive cash flow property investors? (Trick question [:0)])
Cheers
Sooshie []“Giving is a Blessing, receiving is the bonus”
I heard an interview with an ATO person last week detailing the their area of interest with Investment properties and the deductions claimed against them. The major push is to ask owners to justify and quantify costs. Deduction that include renovations will be a major focus area.
There will be 200,000 letters sent to property owners with a “please explain” to deductions claimed.
The original search area was for negative geared properties……check your mailboxes
Hi 3degrees,
The ATO is loosing money by tax depreciations and renovation costs claimed by (mainly) negatively geared property. I don’t think that they will particularily change the rules, but they will crack down this year.
This might make interesting reading
http://www.westpacinfo.com.au/online/16/article1.htm
Thank you for expanding on my post []Cheers
Sooshie []
5 sleeps till Fiji !“Giving is a Blessing, receiving is the bonus”
Hi Sooshie,
Like everything with govt depts/ATO – as long as you have the paperwork in order and a knowledgeable accountant, you have nothing to be concerned about. Just watch out for customs – they’ve been in the spolight lately! Enjoy yourself!
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