Newbie - basic accounting/tax info

Hi all,

I have been reading for a while now, and I'm looking at purchasing my first IP. I've decided to start out fairly small.

I've been running through my figures and they look like the below. What I'm confused about is the negative/positive gearing side. The property should earn approx $16,640 per year (F), the interest repayments will be ballpark $13205 (G), there will be a difference of $3434 (H). I take it this means G will be tax deductible whilst I'll need to pay tax on H. Then there's the deductions aside from the interest (I). If (I) exceeds (H) I take it the difference is then tax deductible?

(insert confused face here)

Thank you for the assistance :)

Quote:

A Property amount: $350,000 B Stamp duty: $17,000 C Other: $3,000 $370,000 D Deposit: $110,000 E Loan amount: $260,000 70% LVR F Expected gross income: $16,640.00 G Expected interest repayments (4.60% @ 25yr) $13,205.40 H Difference between gross income & interest $3,434.60 I Tax deductible claims TBA

Newbie - basic accounting/tax info

Belfast , N Ireland

Just had a friend come back from Belfast in Northern Ireland, he is going to buy investment units there and rent them out and get a real estate agent in Belfast to manage them.

Now the fighting is over prices are skyrocketing and Belfast is cheap and good returns.
I'm thinking of going over there in the next few months, anyone have any experience with Northern Ireland?
I rang the real estate agents up there and they returned my calls and seemed very friendly.

Belfast , N Ireland

Which Area to avoid in Armidale NSW

Hi All,
I am planning to get the next IP in Armidale with a potential to devlope later and looking for land area >800SQM. I am new to the area and lives in Sydney. Last week Went for a drive and feel and happy with the outcome.

1. Which areas to avoid (housing commission) etc. Is there a way to find a map or something that outlines this?

Thanks in advance..
:confused:

Which Area to avoid in Armidale NSW

Buy my IP through SMSF

Hi. Does anyone know of a way to legally buy an IP I have already purchased using SMSF?

Buy my IP through SMSF

Potential negative gearing changes

Will be interesting what the ALP proposes in relation to negative gearing changes.

For property investors that know what they are doing, it will probably be great because it will give them interesting opportunities.

I can't decide if getting rid of negative gearing will be good or bad for the country overrall. It will probably be a negative overrall but I can see some very postive results in the short term from the changes for certain people.

Will be interesting if it creates a building boom? Probably not because developments will get hold up by local governments, but if local governments play its part I can see a building boom. This could create inflation in the economy (which could be a good thing compared to the alternative of deflation).

Interesting times ahead.

Potential negative gearing changes

more jobs in brisbane?

Is it just me or is anyone else noticing a strong growth of corporate jobs in brisbane... Seek.com seems to show significantly more jobs than before.

more jobs in brisbane?

Going rate for colorbond fencing?

Like a lot of people from Newcastle I'm in need of a new boundary fence for my PPOR. My neighbour organised a quote today from a 'mate' of his and I'm just trying to asses if I'm being asked to pay a fair cost or if I'm being take for a ride and should get some more quotes.
My section of the fence is almost 9 panels long at about 2.3m per panel, quote is for standard 1.8m high colorbond fencing with timber sleepers underneath each panel. Access to the site is good with the neighbours concrete driveway running alongside most of it. Ground is level on sandy soil/clean fill, there are two posts which have concrete around them from my side so there will be some jack hammering required.

Total price of which I have to pay half is $2145 including GST which includes removal and disposal of the old tin fence.
Works out to $238 per panel, or a bit over $100 per meter.

This seems reasonable or maybe a little on the high side but since I don't have anything to compare to it hard to know, getting other quotes at the moment is a bit difficult due to the obvious demand for fencers at the moment.

Going rate for colorbond fencing?