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Type: Posts; User: Rosco

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  1. Replies
    3
    Views
    110

    I would be rushing to do the insulation on all...

    I would be rushing to do the insulation on all the properties ASAP. You could get a $4,000 fine for each property that isn't insulated after the required date.

    You are a large landlord (20...
  2. Replies
    251
    Views
    24,794

    Poll: I think there should be guidelines for our...

    I think there should be guidelines for our politicians

    Prime Minister - should have guidelines about leadership and high level roles similar to a CEO of a large company.

    MP's - At least...
  3. Replies
    12
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    789

    Hi Chelsea, Great to see you have a 3 year...

    Hi Chelsea,

    Great to see you have a 3 year plan to turn it around, and if you can pay of that amount of debt each year, any plan will work!

    Back to your original question - If I was to gamble...
  4. Replies
    12
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    789

    $10k is a HUGE loss when interest rates are 4%. ...

    $10k is a HUGE loss when interest rates are 4%. So over the next 5 years you need the property to go up at least $50k just to break even! That is a big gamble on capital gains in uncertain times. ...
  5. Replies
    12
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    789

    What is the rent, Gross Yield and overall...

    What is the rent, Gross Yield and overall cashflow?

    Is there some kind of added value, like subdivision, minor dwelling etc?

    What is your long term plan?
    - speculation to get cash
    - passive...
  6. Replies
    7
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    597

    Hi 1) can you do leasehold on the sections? ...

    Hi

    1) can you do leasehold on the sections? Just something to consider. Someone else builds a house, and pays you a ground rent. Gets reviewed every so many years. Expires in X years, at...
  7. i) If making a profit then repairs is an expense,...

    i) If making a profit then repairs is an expense, so would reduce profit and reduce tax. So for many property investors there is no change!

    ii) DIY vs paying some one else - for many property...
  8. I think it really comes down to are you really in...

    I think it really comes down to are you really in the business of property investment?

    If it is a real business, you should be making a profit, or at least have a plan to move from losses to a...
  9. Replies
    2
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    323

    Why would you buy this? Bank will require the...

    Why would you buy this?

    Bank will require the loan to be repaid over 10-15 years, which will suck all your cash and you will likely have to put in money.

    6% is quite low and doesn't give you...
  10. Replies
    19
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    1,353

    The answer to that depends on the structure, or...

    The answer to that depends on the structure, or in other words the entity that owns the rental property. So best to check with their accountant as it might be fine to use the cash to pay of the...
  11. Replies
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    1,353

    Get advice from your accountant, as it will...

    Get advice from your accountant, as it will depend a bit on your structure.

    Another option is using Total Money product from BNZ or similar from other banks.

    Term deposit offset the loans, and...
  12. Replies
    8
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    427

    A Trust should really have a bank account! Just...

    A Trust should really have a bank account! Just one of the things that helps to make a Trust legit!
  13. Replies
    8
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    427

    How is the Trust really operated? Do Mum + Dad...

    How is the Trust really operated? Do Mum + Dad really make all the decisions, and then the third Trustee just rubber stamps the odd document and minute?

    In the ideal world all Trustees should be...
  14. Hi Jack2016, How knowledgeable is the other...

    Hi Jack2016,

    How knowledgeable is the other person? I'm would say that they are not great with accounting, GST and tax, and have therefore given you some pretty crap advice.

    But if you keep...
  15. Replies
    10
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    656

    Hi King13, Why do you have $3 million on...

    Hi King13,

    Why do you have $3 million on floating?

    Whether commercial or residential, you can normally save around 1% by fixing.

    Some then say, "but I think interest rates might go down...
  16. yes, xero calculates your GST. You still need to...

    yes, xero calculates your GST. You still need to check it!
  17. MYOB owns Banklink. Generally MYOB don't fix...

    MYOB owns Banklink.

    Generally MYOB don't fix or update anything. Whereas Xero has constant upgrades and changes.

    If starting out new, I wouldn't touch MYOB.

    For example they have online...
  18. Hi Jack, 1) Banklink is very old fashioned. ...

    Hi Jack,

    1) Banklink is very old fashioned. Nothing wrong with it, but if you are starting from scratch, I would use Xero. Very similar costs for non GST.
    Xero is online so that you can access...
  19. Replies
    3
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    340

    Talk to a good mortgage broker. A lot depends...

    Talk to a good mortgage broker.

    A lot depends on the cashflow of personal house and the rental too.

    1) if buy for $310k - bank will only lend 70% so $217k. So other $93k comes from personal...
  20. Replies
    7
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    422

    Hi Sam, Generally it is easier to use...

    Hi Sam,

    Generally it is easier to use www.valuit.co.nz, and do the valuation as soon as possible. They give you a list of about 20-30 chattels that you can depreciate, the value and the...
  21. Thread: Filing IR4 2019

    by Rosco
    Replies
    31
    Views
    1,307

    Often you would guess your tax due and pay this. ...

    Often you would guess your tax due and pay this. Don't actually estimate!!!

    This means if you get it wrong you could use tax management NZ later to buy the tax at 7/5/19 and avoid any penalties...
  22. Thread: Filing IR4 2019

    by Rosco
    Replies
    31
    Views
    1,307

    If you are filing your own tax return it is your...

    If you are filing your own tax return it is your responsibility to know what items are claimable as repairs, what are claimable as other expenses, what are assets to be depreciated and what is not...
  23. Thread: Filing IR4 2019

    by Rosco
    Replies
    31
    Views
    1,307

    So not overthinking the issue. Pretty simple to...

    So not overthinking the issue. Pretty simple to work out the repairs (divide total repairs by 450), and your share of the future maintenance accounts that hasn't been spent yet.

    If tiny repairs...
  24. Thread: Filing IR4 2019

    by Rosco
    Replies
    31
    Views
    1,307

    The information in a tax return gives IRD...

    The information in a tax return gives IRD information. An area of real mistakes and issues is repairs.

    So IRD would like to know the total of your repairs. Whether you pay, the body corporate...
  25. Thread: Filing IR4 2019

    by Rosco
    Replies
    31
    Views
    1,307

    Are they repairs or other expenses? Body...

    Are they repairs or other expenses?

    Body Corporate charges are generally some of each, so technically you should seperate the repair part of your body corporate into repairs.

    Also has the BC...
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