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    Canberra solicitors

    One suggestion with regard to both accountants and solicitors: Interview them before hiring them. If you don't feel comfortable with them, you won't get the relationship you need to maxmise the benefits, regardless of their competence. Bob
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    Wraps

    Look under the innovative techniques forum, and also use the search function (at the top of the page). There are some very experienced wrappers on the forum and you can learn quite a bit. Also check out http://www.financewraps.asn.au. What you choose to do with the info will depend on your...
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    I've read all the 'Accounting and Tax' posts and here's my summary

    Brett: Congratulations. I think you'll find the finance thread just as rewarding as you obviously found this one. Despite some of the jocular sallies, you've done people a real favour here, and finance is even more subject to questions which are the same ol' same ol'. You can confidently...
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    Classic Plates

    It was a while ago, but both here and in the States were recorded instances of 6ULDV8. :D I'm appalled to report that my 16 year old is aware of one in our industrial/sex industry slum area of UB6IB9. Bleah.
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    Big BBQ in Canberra

    Geoff, I'll put that on our Calendar as well. It's possible (depending on reno's) that we could have a double bed available for the event) for out-of-towners but I have NOT cleared that with SWMBO. Cheers, Bob
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    ACT Land Tax

    Dear Shaggygirl Yes, you should have been. Land tax is payable on rented property and depends on the value of the property (actually of the land). A purely off the cuff guestimate would be in the region of $400 to $500 p.a. payable quarterly for a townhouse with its own grounds or a...
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    ACT and TAX

    Disclaimer: Not an accountant, not a lawyer, not a guru. You should be able to claim in the first year for stamp duty etc. We settled a property on 29 June a couple of years back and put in our tax claim in August that year for the full amount. (Note to non-canberrans - as you can't buy...
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    Why you can’t invest now

    Gee, I've enjoyed this thread! A few thoughts: My 7 year old plays 101 and 202 and enjoys it. He's getting past wanting to have the highest salary NOW so that he can get out of the rat race faster - but he's good at it, and his arithmetical abilities have blossomed. My 15 year-old has a...
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    18% interest days

    There's a real difference with the Rserve Bank's interest rate policy compared to the late 80's. Then, after floating the interest rate they were concerning not to see the $A have the stuffing kicked out of it. Now, they don't appear to sweat it too much. You can control interest rates or...
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    Options and CGT

    Thansk for that Mike. As the option will run for six months (with contract exchange date on the house purchase to be on 1 July) I'll be able to declare the D2 event and then ask for it to be disregarded as I will have triggered the A1 event before lodging the first tax return. Cheers, Bob
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    Options and CGT

    We're thinking about writing an option on one of our properties. Question: At what date is CGT triggered if the buyer takes up the option: the date the option is bought, the date it expires, the date contracts are exchanged or some other date? Bob
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    Mixing activities in a Ltd Co

    The 50% concession is available to individuals and trusts, but not to a company. From a tax viewoint only, long term holding of an appreciating asset is least effective in a company structure (at least until you take into account the expenses you can claim). Perhaps I should say from a CGT...
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    Managed unit

    Bob disagrees with Dale (a first!), but only because Dale didn't put in his usual 'personal circumstances' disclaimer. :p There can be good reasons for selling. We've made 100% cap gain on a property over 2 years. We could refinance but we'd end up negatively geared (which we don't like)...
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    Pensioner Units

    Fester What are pensioner units? Bob
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    Purchase of retirement unit

    Desto, No advice, but some questions to ask yourself (or the parents of your friend). Is the retirement unit in a desirable location? Is it likely in future to be a throving area where retirees would move to, thereby supporting demand? Is it likely to be the parents home until they...
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    credit card limits

    Rolf has been answering this as if it is a debt servicing question while Peter has been assuming it's a loan valuation ratio problem. Mind you, if you're failing loan applications because of the liability involved in your CC limit, there must be things you can do to address it. I think Rolf...
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    Buying 50% of inherited property

    Alex, Re your CGT question, I'd post it to the accounting forum (and get solid legal advice). Deceased estates can be pretty complex. Bob
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    Depreciation schedules

    Nakal, Are you losing money from the IP? If it is positive cashflow, then you can reduce your tax by having a QS done - that is, you can reduce the tax payable on the IP income. The valuation shouldn't affect CGT unless you have a clause recognising these assets in the sale - that can be...
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    QS Report

    Scott, They want two fees and probably are prepared to earn it. Let's say you redo the light fittings curtains drapes and carpets. They will value all the stuff you're going to scrap and you can write it off there and then. Then they value you place again after the reno for the 'new'...
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    Money Out

    Lily, I suspect the bank would be even less impressed if you sold off their loan security (the shares) without repaying the loan! :D Bob
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