Newbie Questions

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From: Colin Sproul


Hi All,

I have just started doing lots of research before I purchase my first IP and have few questions that I haven`t found answers for yet - hope they`re not dumb!

1. Is stamp duty payable when buying an IP ??

2. I have seen a few examples of the basic formula of how to claim tax deductions and what I find is that the expenses are quit high i.e. rates, Insurance etc. and I have also seen where a percentage figure is used to work out the cost. Does anybody have a standard list of costs that can be claimed as an expense as I`m sure there is some things I am over looking ?? or is there a standard formula to use to get a % figure ??.

3. If I use a LOC to pay for the expenses is the interest also claimable?? (this may not be a good idea...I dunno)

Any assistance is greatly appreciated....I love learning about this stuff !!!

Cheers
Colin.
 
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Reply: 1
From: Dale Gatherum-Goss


Hi Colin

Yes, stamp duty is payable when you buy a property.

The tax office produce an excellent booklet each year on rental properties that has a list of tax deductions included as well as explanations on how to claim each.

Lastly, yes, interest on a lOC used to pay IP related expenses is tax deductible.

I hope that this helps

Dale
 
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Reply: 1.1
From: Duncan M



Incidentally, I bought a sort of 'okayish' book on the weekend, Tony Compton
"Rental Property and Taxation", its quite a good, broad introduction to
Rental Property and Tax.. He grandstands a bit in it and he's even a little
objectionable in places with his treatment of negative gearing and tax
minimisation.. but worthy of a 30-40min read.. Combined with the Rental
Property Guide from the tax office it contains most of what you'll need to
know.


Duncan
 
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Reply: 1.1.1
From: PT Bear


Dale is bringing out a tax information manual, which I'm currently reviewing. So far I've found it to be easy to read and very though. It covers a very broad range of property investment tax issues in detail.

It's a must have for anyone new to property investment. It also contains a lot of useful information for the more experienced investor.

PT_Bear
 
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Reply: 1.1.1.1
From: Colin Sproul


Sounds great...when can I get one ???..

Colin.
 
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Reply: 1.1.1.1.1
From: Dale Gatherum-Goss


Hi Colin

Where are you based? The manuals will be available at the seminars and through the Freestyler group.

I have no idea of the price that will be charged. Sorry.

Dale
 
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Reply: 1.1.1.1.1.1
From: Colin Sproul


Hi Dale,

I am based in Melbourne - South Eastern Suburbs...Sorry for my ignorance but, what seminars ????

Colin.
 
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Reply: 1.1.1.1.1.1.1
From: Dale Gatherum-Goss


Hi Colin

The Freestyler Group at:

www.freestyler.net.au

are running a number of seminars on different topics ranging from Budgetting, to Renovations, to Tax Battles.

Those seminars are all around Australia, I believe.

I am in Kilsyth - eastern suburbs of Melbourne - and you are welcome to have one of my manuals if you would like one.

Just let me know

Dale
 
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Reply: 1.1.1.1.1.1.1.1
From: Colin Sproul


Hi Dale

Thanks for the info on the seminars. Another question though. I would like to take the missus to a seminar where they explain the hole concept of property investing in lay mans terms from the beginning and they would probably make it sound pretty exciting (she is struggling to get a grasp on the idea), like the adds you here on the radio for I think it`s Philco ???, I suppose what I`m trying to say is do you know of any company that conduct them regularly and if there are any you would not recommend, is there info on seminars in the API magazine??(I haven`t actually purchased one yet)...I would love to have one of your manuals, how would you like to arrange it ???, I can send a courier to collect or you may have another method. Let me know..

Thanks Again

Colin.
 
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Reply: 1.1.1.1.1.1.1.1.1
From: Dale Gatherum-Goss


Hi Colin

We're running a seminar tonight for new property investors where we will cover the ideas behind buying an IP, finding the right IP, and financing the IP. There will be question time as well.

You are welcome to come along and there is no cost at all.

Let me know if this suits and I'll squeeze you in. Otherwise, no, I haven't been to any seminars that I would recommend as nearly all them have something for sale which puts me off. Sorry.

As for the manual, yes, send a courier if you like and I'll have one available. Do you have my address?

Dale
 
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