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I may have missed it but I just learned that the depreciation lowers the CGT base, so if you sell you have to pay back the depreciation times your marginal tax rate. Still worth it but not as much fun. Unless you never sell.
Hi Guys. Thank you for the insightful info! One though going though my mind is it seems that people usually pick a quantity surveyor and never really know whether the report of that surveyor was the best they could have got!? Is there a way/ should one try and engage several surveyors to see who produces the best report? If so, what is the best way of going about it? It appears that one would need to pay for each report before getting to compare across the three surveyors?
Hi Meegan, great question. You can amend previous years just like to can back claim for missed deductions. So if for some reason you forgot to claim say a newly installed item, you can go and amend your previous return. Generally your accountant will charge a fee for this though.
if you buy new property..... you will be sure positive balance every year, even 7% interest rate...... but you can go negative if property is old, with few thousands repair cost every year.....
@@AusPropertyMasteryWithPK i have one old and one new investment property....... one give me around 5K positive balance and another nothing..... may be in 10 years time selling price will opposite. Current problem is 7% interest rate....
PK, this video is so helpful for me as I’m in a journey to get an investment property for tax cut purpose and capital growth. What do u think of freedom property investor group? I’m time poor and bad at doing research, where and who should I turn to guide me thru my journey?
so... can I use a quantity surveyor just to reduce my tax if I live in the home? or is this only for investment properties?.. sorry if it's a dumb question..
This might be a silly question but when looking at investing in units/appartments what is the ideal amount of individual dwellings to be looking for? How many is to many? I’m currently looking at 2 bedroom dwellings in Inner East Melbourne and along the coastline from St Kilda to Rosebud.
That’s funny, I felt unlikely worth it and as per PK, validated my view that better to buy house with larger land size for longer investments. Potentially a dif story for commercial investments
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I may have missed it but I just learned that the depreciation lowers the CGT base, so if you sell you have to pay back the depreciation times your marginal tax rate. Still worth it but not as much fun. Unless you never sell.
Thanks for that video. Just on time 😂😂
Hi Guys. Thank you for the insightful info! One though going though my mind is it seems that people usually pick a quantity surveyor and never really know whether the report of that surveyor was the best they could have got!? Is there a way/ should one try and engage several surveyors to see who produces the best report? If so, what is the best way of going about it? It appears that one would need to pay for each report before getting to compare across the three surveyors?
Hi PK, can you do amendments to your depreciation from previous years.
I could be wrong but I think you can upto a limit of years .. just call up Mike and ask, he’ll tell you right away!
Hi Meegan, great question. You can amend previous years just like to can back claim for missed deductions. So if for some reason you forgot to claim say a newly installed item, you can go and amend your previous return. Generally your accountant will charge a fee for this though.
if you buy new property..... you will be sure positive balance every year, even 7% interest rate...... but you can go negative if property is old, with few thousands repair cost every year.....
This is not really true.. search “old vs new pk gupta” I’ve done a video
@@AusPropertyMasteryWithPK i have one old and one new investment property....... one give me around 5K positive balance and another nothing..... may be in 10 years time selling price will opposite. Current problem is 7% interest rate....
@@Rational-555 obviously depends on location and yield :)
Can’t generalise based on 2 properties. But good on you!
is there a quantity surveyor in perth you would recommend ?
I think Mike does it in Perth too? Not sure
ill send u a pm on fb for his contact details
I’ve never understood choosing to pay the lender more so you don’t pay less to the ATO
PK, this video is so helpful for me as I’m in a journey to get an investment property for tax cut purpose and capital growth. What do u think of freedom property investor group? I’m time poor and bad at doing research, where and who should I turn to guide me thru my journey?
Good to hear. Please dm me on fb, I can recommend a good BA if you just use one. But DO NOT use those ones.
so... can I use a quantity surveyor just to reduce my tax if I live in the home? or is this only for investment properties?.. sorry if it's a dumb question..
It’s only for investment properties
This might be a silly question but when looking at investing in units/appartments what is the ideal amount of individual dwellings to be looking for?
How many is to many?
I’m currently looking at 2 bedroom dwellings in Inner East Melbourne and along the coastline from St Kilda to Rosebud.
Try stick away from anything more than 8-10
Great information provided, I’m convinced a quantity surveyor is the way to go. Interesting to say its a bonus not a strategy.
WHY?
That’s funny, I felt unlikely worth it and as per PK, validated my view that better to buy house with larger land size for longer investments. Potentially a dif story for commercial investments
Has to be repaid when you sell though .