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Sorry Terry, but it looks like a contract is not always a contract. BR

I was just looking at cashing in some points with my rewards program and I think I may have found a 'cheat' in my favour. I always try and maximise the value I get, and this is normally fuel (or similar) cash cards. Here are some figures for a $100 Caltex fuel card: 18,600 points (186 points...

I signed the contract for my latest IP on 28 May and it settles 4 Jul. When is the purchase date for tax purposes and will I include the purchase/costs in this year?s tax return? I understand that solicitor fees, building/pest inspection, stamp duty etc are either capital expenses or...

I am getting a chemical termite barrier done at one of my IPs, cost approx $2,500. How is this expense treated for tax purposes? Is it an immediate tax deduction when I do it, or does it form part of the purchasing costs, or is it depreciated over x years? Does this change depending on when I...

I had a pest inspection done today and it came back all good, showing no signs of termites. However, the chemical protection system is out of date by about 8 years and I have been quoted $2600 for a new treatment (termidor, 8 year life expectancy). Can I use this to negotiate the price...

Can anyone recommend a good property manager in Townsville? I have recently bought in Kirwan and it is currently rented through First National Nicholson. They appear to have done a decent job. The current tenants have just signed up to their 3rd year and the house is in great condition, but I...

I think this is a dumb question, but my mind is a mess and I keep confusing myself. I'm using $40k of a $45k LOC for a deposit. If I use the other $5k for other costs such as solicitor fees, building and pest inspections etc, does this have the same deductibility as using the LOC for the...

If I get building insurance at the time of signing a contract, does it become deductible from that time, even though it is not producing any income for me until settlement? Also, how do I establish the replacement cost of the building and the value of the contents for the insurance? The...

Most serious investors appear to borrow more than 80% for subsequent IPs, but this is normally done by using equity from elsewhere, not paying LMI, I believe. I'm looking at about the $350k purchase mark, have $35k LOC to access and approx $70k cash. My intent was to use the LOC first and use...

Hi guys, After a hiatus of close to 7 years I am back, and it's great to see so many familiar faces. :D After having 4 children and studying non-stop throughout this period (resulting in a particularly time poor lifestyle), I think it is time to climb back out of my box and rejoin the...

Hi all, I own a strata titled unit in NSW, which is 1 of 3. The other 2 are owned by extended family. Does anyone know if there is a legal requirement to contribute to a sinking fund even if we all agree not to? Is there somewhere where this information would be documented? My thinking is that...

Well here we go again. This baby club is getting out of hand. Yesterday at 11:04am my wife and I welcomed our first baby, Lauren Louise into the world. She was 3.44kg and was delivered by forceps. Everything went well and she is doing wonderfully. Here is a pic of her just after birth. I will...

Hi, I've just moved into a new house and there are a copule of young blokes that live across the road that are absolutely feral. Music extremely loud up to 4am in the morning, fighting, smashing cars (their own?!) etc. It's pretty bad and the police won't/can't do anything (I've tried)...

I've got this wonderful little book that sits on my desk with a new quote each day. I thought I would share the good ones as they come up. 'The real key to success and to reaching your porential lies in your ability to continually improve. Activity alone does nothing for you. But when you...

Hi guys, In this thread http://www.somersoft.com/forums/showthread.php?t=26987 some of the pictures are imbedded which I can see fine, but a lot have a little box at the bottom which 'attached thumbnails', but I cannot see any attached thumbnails. Any idea why this is happening? They are just...

The following list is paraphrased from an article by Michael Lannon that I have had stuck to my cupboard door for the last 6 years. I read through it about once a week and talk my way through each point, arguing or confirming different points mentioned. A lot of the points people will disagree...

Hi all, A friend of mine made a DVD for me of my wedding/reception. It is completely unedited, apart from the title page and I want to add music to the background and make a bit of production of it. Does anyone know of a program that I could use to achieve this, which is fairly user...

I just found this FAQ on the net when looking for trust information. From what I had gathered, the reason Hybrid trusts are used is so that -ve gearing benefits can be passed on to the beneficiares. If I have understood the above correctly this is saying that you cannot. My confusion...

Could someone please clear up a possible misunderstanding I have. If your property is -ve geared you can claim all your running costs against the rental income and any personal income? This is because it is classed as a business so losses can be offset? My current understanding is that...

Hi everyone, I work for the Government and am provided subsidised housing. Part of this agreement is that if I own a house in the locality I am living in I have to move in to it and no longer receive that housing subsidy. I want to purchase a property that currently has a long term lease on...