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So I wonder how long they’ll take to axe the breathtakingly stupid vendor tax. Even staunch labour supporters such as unions can see its killing the NSW economy. But I guess they’ll wait a while so as not to embarrass Carr.

Actually it was paid for by a special levy, not from a sinking fund. Thanks for your help !

Yes they were upgraded & improved. So any claim would be for depreciation. And as far as I understand, the previous owners wouldn’t have been able to claim the sinking fund levies they paid because the money hadn’t yet been spent.

Hi I purchased an old apartment a few years ago which (like all units in the block) had structural damage to the balconies. Before I bought it the body corp had already raised about $20,000 from each apartment owner to repair the balconies , & the price negotiations allowed for this. The...

I was browsing through McGrath’s new book today. In the investing section it has lists of his tips for hot growth suburbs in the main cities. I was surprised to see Botany/Mascot at the top of the list for Sydney. I guess it would be good for rentals as there are a lot of jobs nearby...

OK. Yes that is correct, my friends had to BYO money, hence currency exposure is a problem.

Some friends have bought rental properties in a ski resort in Japan & didn’t have any hassles as all (and have made good capital gains). Why do you say Japan is closed ?

Thank you everyone for your help !

Does anyone know what the situation is, regarding deductibility of interest, where an investment property is owned by the husband, but the loan used to purchase the property is in the names of both the husband & wife ? A friend is in this position, & his accountant set up a subsidiary loan...

Thanks everyone for that information. Anyone know what the situation is if the overseas property is held in a hybrid trust ?

Hi. This has probably been covered before but I couldn’t find anything when searching. My understanding is that interest on funds borrowed in Australia to buy an overseas investment property can only be claimed up to the amount of the foreign net income from the property. And the...

I believe that eventually the brilliant (ha ha) economists at NSW Treasury will work out that the vendor duty reduces the amount of revenue the government collects by reducing the number of sales (and hence stamp duty). And after considerable red tape & political maneuvreing it will be...

That’s very helpful. Thank you !

Thanks everyone for that, much appreciated !

Hi I want to measure the area of a off the plan unit to check it matches the area listed in the purchase contract. However when I’m measuring I’m not sure if internal walls should be included in this area ? Or is it the actual floor area that I should be measuring ie internal walls...

Does any have an opinion on the following: My understanding of the tax legislation is that if an off the plan purchase contract is entered into with the intention of selling the property upon completion at a profit, then the profit upon sale is taxed as normal taxable income rather than as a...

Would anyone know the answer to the following: In a NSW off the plan purchase, if the purchase does not eventuate (eg because the development isn’t completed within the time limit for the contract), will the Office of State Revenue refund the stamp duty that has been paid on the purchase ...

Mmmm, Section 8 & 10 definitely seem to say that a deposit over 5% makes the contract unenforceable. But as to whether the wording of the rest of it means it covers a buying off the plan contract, only a lawyer could decipher it. See the Act at...

I read that story too re the world’s oldest documented person. The deal was done when the lady was in her early eighties. Forty years later she was still in the house & the buyer had passed on.

The latest residex newsletter stated that a similar 5% rule applies in NSW & hence similar legal action to avoid settling on off the plans may be possible in NSW. Does anyone know whether this is true ?