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Hi, I haven't been following the trend in fixed interest rates lately but noticed the current Bank of Queensland rates are as follows: Fixed 1yr = 7.04% 2yr = 7.19% 3yr = 7.34% 4yr = 7.74% 5yr = 7.84% Variable 7.86% I thought it was...

I noticed in this years tax return there is a section IT5 - Net Financial Investment Loss. http://www.ato.gov.au/individuals/content.asp?doc=/content/00223018.htm&page=2 Complete this item if you received income from or claimed deductions in relation to any of the following types of...

Did anyone else see the MGS May Update 2010 that included the attached article "Trust Distributions After Bamford"? * 1. From the Distribution examples it appears more desirable to adopt Section 95(1) principles rather than 'ordinary income concepts' in regards to trust distributions. I...

I have an IP that is 5 years old and probably nearing the end of the Home Warranty Insurance period for structural defects (5-7 years?). Is there a pre-expiry Home Warranty building inspection available, do most property owners get this done or is it something that is usually overlooked?

What is it with Property Managers who organise a Routine Inspection with the tenant but instead of making an appointment they give a 6 hour timeframe: "We wish to inspect the premises between 10:00am and 4:00pm. If you cannot, or do not, wish to be in attendance at the appointment time nominated...

This is something I've never fully understood. The ATO asks for this figure in etax on the same page it asks for your spouses taxable income. I've read up on what income is and isn't to be included in SNI but I don't really get when or why you need to calculate it. Is this something that only...

Hello any MYOB gurus out there. I'm playing around with MYOB at the moment and after reading through some of the older MYOB-related posts on this forum I have a few questions. If I were to record 'Capital Works', 'Depreciation' and 'Low Value Pool' as expense accounts on MYOB and make a...

I’ve been reading up on the difference between Trust Law income and Taxable income and there seems to be a bit of a grey area when it comes to calculating the income of the trust and making distributions to the beneficiaries. From what I can gather Section 95 of the Income Tax Assessment Act...

Just out of interest can someone please tell me if you can get a fixed rate interest-only loan for a PPOR (preferably fixed for 10 years) and linked to a 100% offset account? If so, what is the max LVR available? The FHOG will be used as part of the deposit. Thanks.

"INTEREST rates will be cut deeper and faster than previously expected, as the global financial crisis continues to bite." http://www.news.com.au/business/money/story/0,25479,24439889-14327,00.html With headlines like this you would expect property prices to be on the rise again if we do...

I'm yet to visit my accountant to complete my first Self Managed Super Fund tax return but before I do I'm attempting to fill in the tax return myself. :eek: Does anyone else on the forum do their own SMSF tax returns? This might be a stupid question but if a Super Fund invested $50,000 into...

Hello, are there any accountants left on the forum? In the past I've always claimed gifts to tenants as a tax deduction. This year I'm using a new accountant to check over the figures on my personal tax return before I submit it myself using etax online. I received an email stating "Gifts...

Hello, Recent Residex reports have mentioned the return to positive gearing in our capital cities. Now the Herron Todd White report for September is saying a similar thing about quick and easy renovations for positive cashflow in the middle ring suburbs, with Gladesville and Ryde given as...

Where would you buy and why? - What areas are undervalued? - Where is the strongest rental demand & lowest vacancy rates? - What suburbs to steer clear of? Ebbie.

Which will recover first?

Hi, have you heard the stories of people living on credit where they max out one credit card and pay it down with a second credit card like a never-ending round robin? I don't know if people actually do this but if they repay the balance in full within the 55 day interest free period it's like...

Can anyone tell me what the best rate is on an unsecured personal loan of up to $50K or recommend a lender?

After the recent discussion on Business Insurance and my tenant's running a business from home (http://www.somersoft.com/forums/showthread.php?t=42224) it got me thinking about another home business this time one run by a relative. My sister-in-law does beauty treatment & massages etc from home...

I've mentioned in other threads that I'm in the process of redeeming the Special Income Units in my Hybrid Trust. To keep the ATO happy I instructed a valuer to provide me with a market valuation of the underlying asset in the trust, being an IP. Due to current property market conditions my...

Hello all, I was after some advice please. During a recent visit to an IP I noticed the tenants have set up a little workshop in the garage where they make bunches of flowers, ribbons and balloons etc. Apparently they have a stall set up outside the local fruit market but they also make sales...