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The federal budget provided that small business or sole trader with an ABN with a turnover of under $2 million a year can claim up to $20 000 a year. I have an ABN for a business that was a sole trader. I'm still the same sole trader, but have moved onto property and shares. One report advises...

I'm towards the end of arranging refinancing and today was advised by my broker that 100 points of identity are required. It seems that the Victorian Titles Office recently had a chnage of legislation, regulation or policy requiring 100 points. Odd. I am alrerady registred with the Titles Office...

A tenant reported a non-urgent repair to the PM and I was contacted about this. The agent said that tradies normally contact the tenant to sort out dates and times of access, and if the tradie can use the PM's keys. As this is a non-urgent repair I'd like to have the tradie attend on a weekday...

Our Owners Corporation AGM was over a month ago and no minutes have been received. The AGMs usually lack quorum, so the decisions are interim. My recollection is that minutes must be sent within 14 days of the AGM, but s. 114 of teh OC Act says: 114 Minutes (1) The committee must keep minutes...

The toilet is not flushing properly. Plumbing advice is that it is probably due to roots causing a blockage, and if so, this is probably on common property. I am advised that there is no way to determine this unless a plumber attends to assess the problem and fix it. Should the plumber be...

My OC manager has issued a special levy for "Concrete repairs and tree works", payable in April 2015. It appears that as this is a repair it is an immediate deduction. Is this correct? An IP invoice for an immediate deduction item is received in June and paid in July. Is this deducted in the...

Advice is sought about a mortgage. The fixed term expires soon, and the bank has advised that the new SVR rate will be 5.35%, reducing to 5.10% soon. This bank has a rate for new mortgages of 4.74%, comparison 4.76% and I think that there are better rates around. I hope to sell the property in...

Rent manager is software to - rather predictably - keep rental accounts. See http://www.cashflow-manager.com.au/Products/RentManager.aspx#147075-price Note the interesting claims that it "removes the fear of Capital Gains Tax" and "also increase your wealth." (sic) At present I have a...

Most doors that I have seen are white. The reason for this appears to be that white will be acceptable for most people, and is bright, if not happy. It has been suggested to me that an external door be painted grey: "Grey doesn't show up the dirt as much, white is for apartments". Any views...

Advice is sought about the legality of a lease. A manager recently signed tenants and used the standard lease form. There are irregularities in that references to Acts of parliament are incorrect (wrong name, wrong sections), some do not apply (such as maintaining the garden) and other more...

In a few years I hope to buy an IP with a friend, Kim. Yes, I know, there are often problems, but there is great trust and we will have a legal agreement from a lawyer that we engage. Kim will put up half and I will put up the rest. I can pay for my half in cash but prefer to have half of this...

The years are correct but I've simplified the dollars. An asset was acquired in May 2000 for $1000 including costs. The asset was sold in May 2014 for $5000 after costs. It appears that the best method of calculating CGT is the discount one. So, $5000 less $1000 = $4000/2 for 50% = $2000 CG...

My understanding is that the cost of a car to visit a property when it is being renovated is applied at the ATO rate plus tolls and added to the cost base. However, my accountant advises that this can be claimed in the FY in which the journeys were made, in this case FY14. I cannot find an ATO...

The property was settled in May 2014 with the reno starting soon after and finishing in FY15. It has been suggested that a QS report be obtained to reduce tax in FY14. However, it seems to me - possibly mistakenly - that a reno that is incomplete on 30 June cannot be included in that FY, and...

A friend is nearing the end of a reno. Many mistakes, like paying the builder by time, no contracts, poor contracts, sloppy admin, missing records... I costed the reno and the actual cost is well over this. The reno has taken four months, after a 90 day settlement period. With good planning the...

A friend is nearing the end of a reno. We inspected the place yesterday and found that the builder had tiled over the phone socket in the kitchen, just above the island bench. The only phone socket is in the main bedroom. The bench is centrally located and allows use when the bedroom is...

In early-2007 I took out a $250 000 mortgage, IO, 25 years, AMP. It was fixed and I refixed, expiring early 2016, at 5.99%. Not good compared to current rates. A year ago I enquired about paying off the mortgage early. I was advised that the early repayment interest would be over $6000. My...

Advice is sought about how to calculate CGT for an IP and shares. Both have been held for over 12 months, so the 50% rule applies. Despite a search I have been unable to determine how the two types of assets are treated together, when sold in one FY. Some approximate figures. The IP was...

The property has a 2400 mm ceiling, with most windows 1000 mm wide and 2100 mm high. The consensus is that scrim curtains over the window will soften the outlook. I'm unsure if the curtain brackets should be high on the wall or level with the top of the windows. Advice would be valued.TIA.

It has been suggested that as the baby boomers retire they will sell their properties, by choice or necessity, thus creating a long-term decline in property sale prices. With about 70% of people in their own property - owned outright or with a mortgage - there may be some merit in this, but I'm...