Hi all
Thought I’d let you know I have just finished reading all the ‘Accounting and Tax’ threads. Interestingly, it is the section with the largest number of posts and threads on the whole forum. Essentially, I started at the last post (dated 29/9) and kept clicking the ‘next thread’ button until I got to the beginning (now: this post).
Before you start saying I need to get a life, I’ve only joined the forum very recently. And as I was going along reading all the posts it did occur to me that the exercise was not unlike reading a book or going to a seminar. In all, it was a very helpful, and quite interesting, exercise. I learnt about things I’d never considered eg trusts; and every now and then there would be a little tid-bit of information that made the penny drop, or was very useful to keep in mind.
Just a hint if any one else decides to do the same task. Obviously I did not read all the posts in one sitting (I would really be in need of a life to do that.) However, when I had to stop I would save the current thread I was reading to my computer, and would just go on-line from that post.
For what it’s worth, here are my observations/summary/reflections of the ‘Accounting and Tax’ section of the forum.
1. The same question, in different forms, will pop up from time to time.
This happens for various reasons. Sometimes because the person has not mastered the search function. Sometimes because they have used the search function but because it is hard to process all the information that is available they don’t find the answer to their question. Sometimes because there is a particular nuance to their question that isn’t answered previously. Sometimes because it is a topic that is so big it is good to have a discussion of current thinking or a discussion that pulls together a lot of past thinking (which is invaluable when one finds these when one does a search.)
2. Trusts are really worthwhile finding more about.
I had no idea about these and now see that I have to do some serious finding out about them. The two main advantages of a trust are asset protection and the possible tax advantages. If one is going to be a serial property investor one needs to look into them. The best places of information are ‘Tax Battles’ and ‘Trust Magic’ by Dale Gatherum-Goss; Nick Moustacas at strategicwealthmanagement.com.au; chrisbatten.com.au; and ‘Family Trusts: a plain English guide’ by Renton. Conversely, contact Dale or Nick and make an appointment to see them. (And, of course, do a search on ‘Trusts’.)
3. Depreciation schedule/Quantity Surveyor (QS) reports are essential.
It doesn’t matter how old the property is, and you might think the report is a bit pricey but the consensus is you will more than recoup the cost of the report in the deductions the QS finds. People ask from time to time for a recommendation concerning a QS or suggestions as how to find one. On the whole, the suggestions are visit: deppro.com; depreciator.com.au; napier.net.au; or look in the phone book.
4. The search for a good accountant.
Every now and then someone asks for the name of a good accountant who lives in “X”. Sometimes a recommendation is made. By far and away the most recommended option is Dale Gatherum-Goss whether you live in Melbourne where Dale is, or the other side of the world. (The internet has shrunk the world.) Nick M also gets a few plugs in recent times.
5. Every now and then the negative gearing/positive gearing/positive cashflow debate raises its head.
While there are some fierce proponents/supporters of each style of investing I have noticed the issue isn’t as polarised in later posts as in earlier posts. People generally concede there are advantages and disadvantages of all three approaches; and really the decision of which strategy to pursue depends on individual circumstances, goals, opportunity, and luck. Nevertheless, the discussion on this topic (and other big themes) really do serve the forum well as it pulls together thoughts and can be a useful summary for newbie’s to the forum.
6. People aren’t keen on cross-collaterisation of properties.
Sometimes it is conceded that there are valid reasons for cross-collaterisation but generally the consensus is to avoid it. (Being a heavily cross-collaterised person myself at present, you’ll need to use the search function, or start another thread if you want to find out more.)
7. The full range of emotions are expressed in the threads.
The occasional dummy spit and hissy fit occur. Occasionally an element of impatience by a moderator because someone has asked a question that could have been answered by the search function (but see my comments above about the search function.) And every now and then the very amusing, even laugh-out-loud, comment.
8. On the consistent contributors to discussions.
I’m absolutely impressed with some contributors who consistently turn up and offer their insights. I kind of wonder whether some of them have a life because they contribute so regularly!! Nevertheless, their generosity in sharing their knowledge is very impressive.
9. Keep it simple.
It would appear better to post 10 different posts with one question each rather than one post with 10 questions. Indeed, when I finally worked my way back to my particular post in this section (to this point my first and only) I could see that it was a bit too complicated and it is no wonder no one tried to interact with it! However, as I read through each post in this section I actually found the answer to my question in various posts. (However, I’m not convinced that would have occurred if I had used the search function.)
10. No question is too small or too large.
Whether the question is ‘Can I claim this?’ to “What’s a trust?” someone is bound to answer your question with patience and accurate knowledge. The only exception is if the question is too complicated. In that case refer to point 9.
Perhaps there is more that could be said. But that’s what crosses my mind as I think back to all my reading.
I am now off to do the task again working my way though the ‘Finance’ section of the forum.
Regards
Brett
Thought I’d let you know I have just finished reading all the ‘Accounting and Tax’ threads. Interestingly, it is the section with the largest number of posts and threads on the whole forum. Essentially, I started at the last post (dated 29/9) and kept clicking the ‘next thread’ button until I got to the beginning (now: this post).
Before you start saying I need to get a life, I’ve only joined the forum very recently. And as I was going along reading all the posts it did occur to me that the exercise was not unlike reading a book or going to a seminar. In all, it was a very helpful, and quite interesting, exercise. I learnt about things I’d never considered eg trusts; and every now and then there would be a little tid-bit of information that made the penny drop, or was very useful to keep in mind.
Just a hint if any one else decides to do the same task. Obviously I did not read all the posts in one sitting (I would really be in need of a life to do that.) However, when I had to stop I would save the current thread I was reading to my computer, and would just go on-line from that post.
For what it’s worth, here are my observations/summary/reflections of the ‘Accounting and Tax’ section of the forum.
1. The same question, in different forms, will pop up from time to time.
This happens for various reasons. Sometimes because the person has not mastered the search function. Sometimes because they have used the search function but because it is hard to process all the information that is available they don’t find the answer to their question. Sometimes because there is a particular nuance to their question that isn’t answered previously. Sometimes because it is a topic that is so big it is good to have a discussion of current thinking or a discussion that pulls together a lot of past thinking (which is invaluable when one finds these when one does a search.)
2. Trusts are really worthwhile finding more about.
I had no idea about these and now see that I have to do some serious finding out about them. The two main advantages of a trust are asset protection and the possible tax advantages. If one is going to be a serial property investor one needs to look into them. The best places of information are ‘Tax Battles’ and ‘Trust Magic’ by Dale Gatherum-Goss; Nick Moustacas at strategicwealthmanagement.com.au; chrisbatten.com.au; and ‘Family Trusts: a plain English guide’ by Renton. Conversely, contact Dale or Nick and make an appointment to see them. (And, of course, do a search on ‘Trusts’.)
3. Depreciation schedule/Quantity Surveyor (QS) reports are essential.
It doesn’t matter how old the property is, and you might think the report is a bit pricey but the consensus is you will more than recoup the cost of the report in the deductions the QS finds. People ask from time to time for a recommendation concerning a QS or suggestions as how to find one. On the whole, the suggestions are visit: deppro.com; depreciator.com.au; napier.net.au; or look in the phone book.
4. The search for a good accountant.
Every now and then someone asks for the name of a good accountant who lives in “X”. Sometimes a recommendation is made. By far and away the most recommended option is Dale Gatherum-Goss whether you live in Melbourne where Dale is, or the other side of the world. (The internet has shrunk the world.) Nick M also gets a few plugs in recent times.
5. Every now and then the negative gearing/positive gearing/positive cashflow debate raises its head.
While there are some fierce proponents/supporters of each style of investing I have noticed the issue isn’t as polarised in later posts as in earlier posts. People generally concede there are advantages and disadvantages of all three approaches; and really the decision of which strategy to pursue depends on individual circumstances, goals, opportunity, and luck. Nevertheless, the discussion on this topic (and other big themes) really do serve the forum well as it pulls together thoughts and can be a useful summary for newbie’s to the forum.
6. People aren’t keen on cross-collaterisation of properties.
Sometimes it is conceded that there are valid reasons for cross-collaterisation but generally the consensus is to avoid it. (Being a heavily cross-collaterised person myself at present, you’ll need to use the search function, or start another thread if you want to find out more.)
7. The full range of emotions are expressed in the threads.
The occasional dummy spit and hissy fit occur. Occasionally an element of impatience by a moderator because someone has asked a question that could have been answered by the search function (but see my comments above about the search function.) And every now and then the very amusing, even laugh-out-loud, comment.
8. On the consistent contributors to discussions.
I’m absolutely impressed with some contributors who consistently turn up and offer their insights. I kind of wonder whether some of them have a life because they contribute so regularly!! Nevertheless, their generosity in sharing their knowledge is very impressive.
9. Keep it simple.
It would appear better to post 10 different posts with one question each rather than one post with 10 questions. Indeed, when I finally worked my way back to my particular post in this section (to this point my first and only) I could see that it was a bit too complicated and it is no wonder no one tried to interact with it! However, as I read through each post in this section I actually found the answer to my question in various posts. (However, I’m not convinced that would have occurred if I had used the search function.)
10. No question is too small or too large.
Whether the question is ‘Can I claim this?’ to “What’s a trust?” someone is bound to answer your question with patience and accurate knowledge. The only exception is if the question is too complicated. In that case refer to point 9.
Perhaps there is more that could be said. But that’s what crosses my mind as I think back to all my reading.
I am now off to do the task again working my way though the ‘Finance’ section of the forum.
Regards
Brett
