Hi All,
We have a development block that we bought in Scarborough, W.A. in August '12.....
After what felt like an endless amount of DD we have chosen a builder and have had plans drawn up, they are now in with council (3 weeks now).
We have met with the broker for a pre-approval and we get confirmation back next Thursday give or take a day or two. He gave us a verbal to go ahead and start proceedings after we gave him our initial thoughts on building 6 months ago.
Once we get formal approval next week I'll make contact with the builder and we can start to nut out the contract (we know the ball park figure but need to get it down in a contract so we know exactly where we stand.)
I got a couple of questions:
1. Who do you guys get to look over the building contract?? Solicitor, another builder, friend, family????
2. As part of the DD after seeing the accountant I have a good idea of costs once built including GST, CGT etc. etc. if we were going to sell or whatever. However if we hold and hopefully we will, do you think if I took the building contract to the accountant that they would be able to give me an idea of what the depreciation might be for a taxable year on the new build???? so I could include this into my figures. I reckon I could come up with a ball park figure but is there any way I could get a more accurate figure??
Obviously there are other tax benefits (for now, hows all the talk in the news re: negative gearing, we all have our own opinions about that) but yeah can the accountant help out with the depreciation based on a build contract??
Cheers everyone
We have a development block that we bought in Scarborough, W.A. in August '12.....
After what felt like an endless amount of DD we have chosen a builder and have had plans drawn up, they are now in with council (3 weeks now).
We have met with the broker for a pre-approval and we get confirmation back next Thursday give or take a day or two. He gave us a verbal to go ahead and start proceedings after we gave him our initial thoughts on building 6 months ago.
Once we get formal approval next week I'll make contact with the builder and we can start to nut out the contract (we know the ball park figure but need to get it down in a contract so we know exactly where we stand.)
I got a couple of questions:
1. Who do you guys get to look over the building contract?? Solicitor, another builder, friend, family????
2. As part of the DD after seeing the accountant I have a good idea of costs once built including GST, CGT etc. etc. if we were going to sell or whatever. However if we hold and hopefully we will, do you think if I took the building contract to the accountant that they would be able to give me an idea of what the depreciation might be for a taxable year on the new build???? so I could include this into my figures. I reckon I could come up with a ball park figure but is there any way I could get a more accurate figure??
Obviously there are other tax benefits (for now, hows all the talk in the news re: negative gearing, we all have our own opinions about that) but yeah can the accountant help out with the depreciation based on a build contract??
Cheers everyone