could you please elaborate more about sworn valuation?
Maintenance Cost and PM
- Thread starter letitbe
- Start date
could you please elaborate more about sworn valuation?
If you are planning to eventually move back into your PPOR (after renting it out) then you do not need to worry about having a sworn valuation done.
The valuation is only to protect you in the event that if you plan to sell your rental property, you will only pay capital gains tax on any profit you make from the time the property became a rental (i.e. a valuation made on the property at the time you rent it out).
It may be advisable for you to speak to your accountant for understanding.
The valuation is only to protect you in the event that if you plan to sell your rental property, you will only pay capital gains tax on any profit you make from the time the property became a rental (i.e. a valuation made on the property at the time you rent it out).
It may be advisable for you to speak to your accountant for understanding.
Thanks Ricky. It's good to know about it.
Btw, it's compulsory to hired licensed company to check smoke alarm every year (or before the tenancy starts)?
You can DIY as long as you know smoke alarm is in a right place and not expired with new batteries and tested by smoke can. That's what a licensed company does.
Btw you need to move back within 6 years if you want to avoid CG tax.
I heard stories about tenants remove the battery or break smoke alarm so that it will not go off when they are cooking or smoking (is there a law to ban them smoking inside house?). With DIY checking and in case there is a fire, will insurance company pay out the money?
Hi Letitbe.
I am a property manager and I would strongly recommend you hire a company to do the test and clean of the smoke alarms.
If you have paid someone else to ensure it is done correctly, you can be assured that if anything bad were to happen (fire) then you have a third party to shift the responsibility to.
In Queensland owners are required to "test, clean and properly document". the legislation does not stipulate what 'properly document' means but to be on the safe side, we always insist that our clients use a third party company, both to protect our agency and the client from prosecution or a civil claim.
It's also tax deductible and quite cheap really.
Hope this helps.
I am a property manager and I would strongly recommend you hire a company to do the test and clean of the smoke alarms.
If you have paid someone else to ensure it is done correctly, you can be assured that if anything bad were to happen (fire) then you have a third party to shift the responsibility to.
In Queensland owners are required to "test, clean and properly document". the legislation does not stipulate what 'properly document' means but to be on the safe side, we always insist that our clients use a third party company, both to protect our agency and the client from prosecution or a civil claim.
It's also tax deductible and quite cheap really.
Hope this helps.
the tenants have responsibility to keep the smoke alarms working also. Here is a link to a fact sheet I use from the RTA Website http://www.beautiquerealty.com.au/content/files/RTA_Smoke_Alarm_Fact_Sheet.pdf
I agree with Matty, a smoke alarm company charge a minimal fee and provide that security that you have covered your own duty of care.
