FHOG scamsters be warned!

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From: Colin Mills


I'm really getting sick of all these parasites coming to this site and boasting about how they intend to buy a property, live in it for two minutes and then rent it out and score the 14 grand. Where the hell do you think that money comes from? Out of thin air? That money COULD be going towards schools or hospitals but instead its ending up in the pockets of con-men and cheats!
My tax bill was absolutely horrendous this year and while I am willing to pay my way (and yes I do everything I can to legally reduce my tax bill) I will not support the scamsters working this rort. BE WARNED,I will do a cut and paste job and send it to the relevant OSR on the next smart alec boasting on this site about how they are ripping off every honest taxpayer. Maybe they will take action, maybe they won't - but at least it will make me feel better.
 
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scamsters

Reply: 1
From: Brett Burt


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If it is 'legal' according to the letter of the law, maybe not in the =spirit of the law, it is not unlawful for people to use the system. =Forwarding their created documents on to OSR may be a breach of =copyright I think and therefore actionable. But I agree these rascally =scamsters should remember that if we abuse it we might loose it.

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If it is 'legal' according to the letter of the law, =maybe not
in the spirit of the law, it is not unlawful for people to use the
system.Forwarding their created documents on to OSR may be a =breach of
copyright I think and therefore actionable. But I agree these rascally =scamsters
should remember that if we abuse it we might loose it.


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Reply: 2
From: Terry Avery


Hi Colin,

A few points here. Firstly calm down the government has already announced
they are going to check every application for appropriate use of the FHOG.
Note not a random check but every one. However given that the legislation
was hurriedly enacted I doubt many will be asked to hand back the grant.
Also having bought a property now, if they bought badly and have to sell at
a loss then they won't qualify for another grant ever!

Secondly, some people have been lucky to get the grant. When I bought my
first home 26 years ago (not IP) I didn't qualify for the government grant
due to lack of savings. Bad luck for me. I agree with Michael that those who
qualify are lucky to have it at all and it is only a short term fix in any
case. Personally I think it was poorly conceived from the start as it
distorted the market in terms of supply and demand. I can see a big shortage
of buyers next year and what will that do to the housing industry?

Overall I think those rorters will be identified but I don't see any great
penalty being applied.

Cheers
 
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scamsters

Reply: 1.1
From: Colin Mills


Brett, open your eyes old son! You say "if it is being abused" - it already is! I suggest you check the archives - there are numerous examples of mugs saying on this very site how they propose to become a landlord by scoring the 14 grand.
Time to rise and shine. WAKEY WAKEY!!!
And another thing - get your act together! Your posts are such a mess to look at they are almost incomprehensible.
PS Re: "my cut and paste may be actionable" I do not like two bob country lawyers. If I want legal advice I'll pay for it and NOT take it from some anonymous mug on an internet chat site.
 
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scamsters

Reply: 1.1.1
From: Michael Croft


Colin,

I deleted my previous post to you because I thought I might have been the pot calling the kettle black.

I found your self righteous ranting about vigilante actions annoying; however your condescention to others on this forum is offensive.

If you can't post your views politely, please don't bother!

Michael Croft
 
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Reply: 2.1
From: James Johnson


Does anyone else think Colin's complaints about wasting taxpayers money are ironic in view of his e-mail address? :)
Jimmy
 
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scamsters

Reply: 1.1.2
From: Brett Burt


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Colin, but it is old son. I checked with my $200 per hour lawyer. You =call though old son !

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Colin, but it is old son. I checked with my $200 per =hour
lawyer. You call though old son !

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Reply: 2.1.1
From: The Wife


Yes Jimmy, we do think it is ironic.

The 'usual' group of people who chat in the chat room, and I, were discussing Colins post the other day, and we were discussing what we thought the government was trying to achieve with giving the FHOG.

Some of the ideas were,

* To stimulate Industry ( all those people to whom the FHOG have created a job wouldnt give a flying toss as to wether you are going to live in it or not, it keeps them of the dole *KA CHING, tax saving for the country there)

* To boost our economy perhaps slowing down the much predicted recession.( We all know what happens in recession, people are out of work, government has a lot of supporting to do *KA CHING, tax saving for the country there)

* If an investor used the FHOG to 'get along' in life, and they become rich, then that would mean they will be a boost to our economy is several ways, 1. they wont get the pension ( KA CHING!), 2. They will stimulate the industry and create jobs as they tour around the country on holiday and building lavish homes for themselves, and then building more business therefore employing more. ( KA CHING CHING!!)

* This does not mean that I or the other 'chatters' agree with people wrongfully using the FHOG, we were simply exploring the whole spectrum, and working out what will happen to the full life circle of Investor vs First Home Owner.

I think there is a lot of other scenarios, and I hope the chatters come and post their thoughts,

Perhaps the designers of the FHOG are corporate warfare specialists, the ole 'sacrifice a few, to save many', it would seem.

TW, ASY, GA, WB, ( I cant remember who else was on that day, you come and put your thoughts down here to)

~Life is a daring adventure, or nothing at all~
 
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Reply: 2.1.1.1
From: Sergey Golovin


Lets have look in percentage terms -
So far 25000(?) people applied for the grant in NSW.
About 80% are after existing houses ($7K) the rest of'm $14K new houses.
How much it is all up?

They probably spend more money on advertising campaign for federal election right now, then the whole FHOG put together.

The only difference would be that houses will stay and advertising will go. Do you remember what sort of imagery they have used for election 15-20 years ago? Well, I do not. But I still can see houses build 20 years ago.

Back to percentage terms - only one out 5-6 candidates will be elected and the rest of the “candidates” and money are waisted.
And how many cheats out there scamming around trying to get &7K (?) - 2% out of all FHOG applicants, one out of thousands (?) and what it is compare to multimillion dollar investment building funds and alike where they spend more money on mailing out annual returns to the clients then yearly budget for local school?

When NRMA was floated they spend 0.5 million year on mailing along.

Serge.
 
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scamsters

Reply: 1.1.2.1
From: Anonymous


$200/hour Brett! That's chickenfeed.

When he or she is charging $600 (or $750 if we're talking tax advice) then you know they're either one of the country's leading practitioners or fleecing you blind!

With regard to Mr Taxcheat's comments...I suggest he looks more closely at what the FHOG legislation actually says before going off half cocked.

You can buy a place, which still has a tenant with say 5 months left to go on their lease, then move into it after the end of that lease (but within 6 months of purchase), live there for a further 6 months and then move out and rent it out. That process is entirely permissible under the legislation and should get you not only the 7K FHOG but also the principal place of residence stamp duty deduction as well.
 
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scamsters

Reply: 1.1.1.1
From: Colin Mills


Oh for Gods sake butt out! Croft is there any topic or post on this site that you do NOT become involved in? I for one, and I'm sure the vast majority agree, am fed up on seeing you peddle your two cents worth on every damn topic posted. Give everyone a break and consider getting a life in the real world!
 
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scamsters

Reply: 1.1.2.1.1
From: Colin Mills


"With regard to Mr Taxcheat's comments"
Another dreamer......... OPEN YOUR EYES!!! My name is there in black and white right in front of your nose! Unlike yourself I have the guts to use my real name.
 
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Reply: 2.1.1.1.1
From: Anonymous


I'm new to property investment. When I was in the process of applying for an investment loan with a mortgage broker, he told me that I can still get the FHOG. I told him that my loan was an investment loan - how am I able to get this?

His reply was this. If you live in the property within the first 12 months for a period of time (1 or 2 months) that you have evidence (house bill) that you've lived there, then you are able to get the grant.

I'm not trying to cheat my way into getting this grant but I want to know whether what he said is correct and legal.
 
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scamsters

Reply: 1.1.1.1.1
From: Robert Forward


Hmmm, Colin

I for one don't mind reading anything that Michael Croft has to say. When someone has been in the business for over 20 years and has made a very nice living out of it. I know what he has done has worked and am willing to learn from it if he is willing to on pass the info.

What about yourself, can you claim to be retired from the rat race from your investments working for you???

You are entitled to your opinion, brisk as they have become, but not many people will respect what you have to say with attitudes that you are showing.

Now for my 2c worth on the FHOG issue. If the government allows these situations to occur then why not use it. ANY true entrepreneur always looks at what the governments regulations are then they find holes in them to create a specialised market in which to open a money making enterprise.

So what is the difference here???

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
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Reply: 2.1.1.1.1.1
From: Sergey Golovin


http://www.revenue.act.gov.au/FHOG/faqs.html

Please forward any relevant questions to the authorities issuing the grant.
Good luck with your next purchase.

Serge.



Here is cut & paste bit...


In the case of multiple applicants is every party required to move into the property purchased?

Yes, the eligibility criteria states that an applicant must occupy the relevant home within 12 months as their "principal place of residence". In the case of multiple applicants the Commissioner has the power to exempt additional applicants if at least one meets the principal place of residence requirement, and there is a good reason that the other applicants will not meet this requirement. This will be assessed on a case by case basis upon an application in writing from the applicants who will not meet this requirement.

Is there a time limit placed on how long I have to occupy the property as my principal place of residence?

No, there has been no time set, although the applicants must move into the house within 12 months from settlement or completion of construction.

Upon purchasing my new house I have decided to rent it out for 6 months and then move in. Do I still qualify for the grant?

Yes, if the property is your principal place of residence at some time during the first 12 months then you meet this part of the eligibility criteria.
 
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scamsters

Reply: 1.1.1.1.1.1
From: Asy .


Exceptionally well put, Rob.

I agree entirely.

asy

(currently putting together a fund to BUY Colin a life, in the real world, anyone want to contribute??)
 
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Re: scamsters

Reply: 1.1.1.1.2
From: Yuch .



I am not fed up with Michael Croft's posts and in fact I quite enjoy reading them. I think they are very informative!! Not sure what your problems are, mate!
Regards,
Yuchun







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>Subject: scamsters
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>From: "Colin Mills" <[email protected]>
>
>Oh for Gods sake butt out! Croft is there any topic or post on this site that you do NOT become involved in? I for one, and I'm sure the vast majority agree, am fed up on seeing you peddle your two cents worth on every damn topic posted. Give everyone a break and consider getting a life in the real world!
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Reply: 1.1.1.1.3
From: Michael Croft


Hello Colin,

Thank you for the reply. Yes Colin I am opinionated about IP's; this forum is about them and I am uniquely qualified, both academically and through experience, to comment on most topics.

Now before I tell you why this is so, please tell me a little about yourself. Do you have an IP or two? If the answer is yes, for how many years have you been in investment property? Are you professionally engaged in the industry? If so in what capacity?

I look forward to your response.

Michael Croft

p.s. I do have a life and it is most enjoyable.
 
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Reply: 2.1.1.1.1.1.1
From: Chris Legg


I don't qualify for the FHOG so I do not have a vested interest.

There is a difference between minimising your tax and evading your responsibilities.

It is stupidity not to take advantage of legal loopholes if you want to call the lack of specifics in this scheme loopholes.

I find the discussions on this forum very useful as either a source of ideas or reinforcement of things I already know.

I think the regular contributors are generously giving of their time and don't need to be abused by Mr. Mills.

The facts of the matter are if you don't like what is being said on this forum it is not compulsory for you to log on.

If you have nothing constructive to say don't say it.

None of us mind constructive criticism but from people like you we don't get any.

Go back to whatever place you came from and leave us alone.

Asy this man would not know what a life is if you gave him one so don't waste your time.

You may not have noticed in your angry little world but this is a place for positive people.

Good bye Mr. Mills and don't bother coming back

lifes a beach at Caves


Chris
 
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scamsters

Reply: 1.1.1.1.4
From: The Wife


I totally enjoy all of Michael Crofts posts, they are always informative, and when he isnt dispensing property information, but an opinion, I value it, as he has been in the industry a long time, not to mention a consistent and good contributor to this forum for quite a while, keep up the posts Michael.

My 2 cents worth.

TW
~Life is a daring adventure, or nothing at all~
 
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