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A Few Important Tips Don't give the tax man any more money that you have too! Getting a depreciation schedule made by a qualified quantity surveyor can be one of the most important things you can do to turn an under performing property into quite a performer. Below are a few sample pages from one of my depreciation schedules.
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Don't wait for the tax man to give you your refund The Australian Government lets you reduce the amount of tax you pay during the year by filling out a Income Tax Withholding Variation (ITWV) form. They will then work out what your tax deductions will be for the end of the financial year based on the information you provide and instead of paying your usual amount of tax, they inform your employer to take out less tax during the year. This is putting extra money in your pocket each week/month, that you can use towards a deposit for another home or if you have a mortgage on your on home, it helps you pay it off sooner.
Make a Business Decision Remember that buying an investment property is a business decision. It does not matter if you personally like the property or not. The key is to make a good business decision and buy a property that will make you money.
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TIP Don't wait to long I would be a much wealthier person today if I had not procrastinated so long on what and where to buy. Imagine this... over 5 years you buy 5 houses, each worth about $200,000. Now also assume that you have used none of your own money for the purchase, except a small amount on each as a deposit. Now we all know that property inflation has been sitting between 5% and 25%. For this example we will assume the worst and use a 5% increase on our 5 houses worth above $200,000 each. This is $50,000 a year in equity being built up each year to put towards your retirement
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START BUILDING YOUR INVESTMENT PROPERTY PORTFOLIO TODAY Useful Property Investor Links Guardian Property Specialists An independent company with a wealth of experience in residential real estate. As a truly impartial consultancy, they work for you – the property investor to help you establish, or build on, your property asset portfolio Professionally drafted, ready-made contract templates Save thousands of dollars by creating reliable legal documents from your home. Various Calculators Includes Duty, Savings and Loan Calculators Stamp duty rates for all states. Also includes rates on borrowings and the associated transfer fees. Stamp duty rates for all states Also includes rates on borrowings and the associated transfer fees plus additional info for each state. Property Investing Link Get Cash Flow Now Investing in Property Better Value Finance Online Mortgage Broker Real Estate Institute of Australia TRA - Database of peoples rental history Australian Investment Property search site Depreciator Depreciation information and schedules Australasian Legal Information Institute Links for ACT Links for NSW Links for QLD Residential Tenancies Authority The Real Estate Institute of Queensland Links for SA Residential Tenancies Authority Residential Tenancies Authority - Online Forms Links for TAS Residential Tenancy Regulations Links for VIC Current residential Tenancies Act Links for WA Government Revenue OfficesQueensland State Revenue Office Tasmanian State Revenue Office Victorian State Revenue Office Home
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DIY Lease agreements
Buy Like a Professional With this software you no longer have to worry about making a wrong decision. Imagine having the combined confidence of a Land Agent, a Accountant and a Property Tycoon all rolled into one.
See the Importance of a Positive Cash Flow The link below provides all the details on the importance of finding Positive Cash Flow properties. Don't buy an investment property until you have read this page. Also provides a few working examples so you may see the affects before your own eyes. Negative Gearing... Friend or Foe?
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