PM signed up at tenant at incorrect rent!!!

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emu1208
Member
@emu1208
Join Date: 2008
Post Count: 19
March 20, 2008 - 3:30 am
I just found out that Tennant now on periodic terms. She did not signed the re newed lease within 5 days therefore its nul void according to PM…Lease or no lease that ok with me.. cause,. I might be looking to put this property in the market but not sure yet!! According to the Real Estate Agent the Market very slow…
JL
Member
@jl
Join Date: 2007
Post Count: 110
April 21, 2008 - 2:50 am
Just thoguht I'd give everyone an update. Got a call from the agent this morning who stated they would not be looking after properties in that location anymore, so I have 14 days to sort out the management. They say it is because they cannot perform the services requested by the landlords?? Sometimes I wonder if it would be easier to do it myself???
After I decided to be loyal too?? Can they do this if I have a mangement agreement with them?
JL
dotoh
Member
@dotoh
Join Date: 2009
Post Count: 3
January 3, 2011 - 1:24 pm
hi there,
I have a "friend" who sold/transferred his house(investment property) in 2005 for around 174,000AUD to his close "mate", as he was in a spot of bother due to mental health issues, all done in a legitimate way. He now is in the process of buying back the property and has had a sworn valuation on the property done which came in at $330.000AUD. Now here in lies the "problem!" Both my friend and his "mate" intend to pay all related ATO (Capital Gains Tax )& SRO (Land Taxes) based on the valuation of $330.000AUD. However the Contract Of Sale will read $170.000AUD, which will be covering the balance of loan,$118.000AUD CGT, Land Tax, Legals etc. Now once back in his "mates" name, will he have to pay any future GCT if he on sells down the track based on a the Contract Of Sale reading at $170.000AD or will the ATO & SRO see that appropriate taxes were already paid based on the valuation of $330.000UD.
Regards
Dotoh….
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 5, 2011 - 12:11 pm
dotoh wrote:
hi there,
I have a "friend" who sold/transferred his house(investment property) in 2005 for around 174,000AUD to his close "mate", as he was in a spot of bother due to mental health issues, all done in a legitimate way. He now is in the process of buying back the property and has had a sworn valuation on the property done which came in at $330.000AUD. Now here in lies the "problem!" Both my friend and his "mate" intend to pay all related ATO (Capital Gains Tax )& SRO (Land Taxes) based on the valuation of $330.000AUD. However the Contract Of Sale will read $170.000AUD, which will be covering the balance of loan,$118.000AUD CGT, Land Tax, Legals etc. Now once back in his "mates" name, will he have to pay any future GCT if he on sells down the track based on a the Contract Of Sale reading at $170.000AD or will the ATO & SRO see that appropriate taxes were already paid based on the valuation of $330.000UD.
Regards
Dotoh….
CGT (and stamp duty) are payable based on market rates, not contract amounts if less. s 116-30 ITAA 1997
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au