OTP with a Porsche

[cimbom]

Developers of a new apartment building in Albert Park in Melbourne are placing the first 50 buyers into the draw to win a 125k Porsche Boxter. I wonder if it'll be successful? One in 50 is not bad odds but it seems a bit desperate for a supposedly high end development. Thoughts?

http://news.domain.com.au/domain/re...-chance-to-win-a-porsche-20150407-1mfnpv.html

 

[D.T.]

I wonder if the valuers will deduct the porsches value from the value of the property?

 

[GreyGhost]

I wonder if the valuers will deduct the porsches value from the value of the property?

A boxter of all things...

 

[cimbom]

I wonder if the valuers will deduct the porsches value from the value of the property?

Maybe one 50th of the value since the cost is probably split across the apartments?

 

[boeman]

Yeh to be fair, if it is a boxter it isn't a real Porsche is it.

 

[Paul@PFI]

If its an investment property the car value is likely to be assessable income.
Congrats you won a Boxster. And a $45K tax debt.

 

[skater]

If its an investment property the car value is likely to be assessable income.
Congrats you won a Boxster. And a $45K tax debt.

LOL!

 

[GreyGhost]

If its an investment property the car value is likely to be assessable income.
Congrats you won a Boxster. And a $45K tax debt.

Could have an arguable position on this.
On face value may be an issue though.

 

[DaveM]

Thats like offering a house with a free BMW 318i. Its the BMW nobody really wants.

 

[charttv]

Yeh to be fair, if it is a boxter it isn't a real Porsche is it.

*pictures Boxster with plates "CNTAFFORD911"*

 

[Scott No Mates]

Do you get the Porsche now to drive around in or does the developer use it until settlement?

 

[Paul@PFI]

Could have an arguable position on this.
On face value may be an issue though.

Investment related prizes are assessable income. If the property is an IP it might be a poor argument. Its why in Australia you don't see banks raffle cars etc for depositors or borrowers. s26AJ ITAA36

ID 2002/644 provides an interesting contrast. It considers unsolicited awards, prizes etc relating to incurred income. eg a Nobel prize awarded to a scientist. That is a windfall and non-assessable.

ID 2002/101 has been withdrawn as it just stated the law and wasn't a interpretation. That aspect of its withdrawal may explain the clarity of s23AJ. It explains the principles.

Now if the selling RE agent awarded the prize it would be different if they were not acting as agent for the seller in that inducement. ie McGraths Real estate had a prize for a Boxster for ANY buyer of any property in a month for example.

 

[boeman]

*pictures Boxster with plates "CNTAFFORD911"*

I guess if it was deemed assessable income you could sue, as they promised you a Porsche but only gave you a Boxter...

 

[Scott No Mates]

I sold my Porsche but I still have the Boxter that it came in.

 

[Paul@PFI]

I admit I once owned one. Its a brilliant drive and the very nature of a
boxer engine makes it a light, balanced, powerful and stable drive in and out of corners with responsive braking and stability. (Albeit with highly ablative brake parts) Sure its not a 911 but it wasn't designed to be. Although modelled on one from windscreen forward.

Its not a Toyota, Ford or Holden either.

And yes if it was pink it might look like barbies softtop. (quote : a daughter)

 

[chylld]

Yeh to be fair, if it is a boxter it isn't a real Porsche is it.

and this is why I cancelled my Macan preorder...

 

[Richard Feynman]

If I was a buyer, I'd prefer to pay $2,500 less for no chance of winning.

Good marketing though. "Free" is a magic word and there are about four trillion new developments in Melb so this is a point of difference...

 

[Jamie_]

The marketing has worked at least it's got people talking clearly.

 

[Mick C]

" Here's your next special levy bill of $110,000"

 

[Jamie M]

" Here's your next special levy bill of $110,000"

Yep - my thoughts too......someone always pays.

Cheers

Jamie