New Home Owners: Trick Of The Trade!

Although you are inspecting your new or first property, it may be daunting to see if all expectations have been met by yourself and/or partner. 

The hardest decision is placing property inspections by prioritizing them in order of likeness, choice and most importantly time of inspections, no matter if it is by auction sale or on the market

As you inspect the property, you will look for different things to question or  to even provide wonderful compliments. This depends on your own reaction (even before entering through the door). You may be making a life time decision, that can dramatically change your life. The important question to ask yourself will this be your lifetime house? Will you and/or your partner and any other families be happy living here.
  
The trick of the trade is not appear that this is the first house you have ever visited. If asked questions what other houses you've seen make you mention one that they may know is locally advertised.

I mean some Real Estate Agents may their tricks of the trade to make you sign on the dotted line. You have to have ready for line, 'Are you interested.....'

Land Tax On Investment Properties

Each State and or Territory has different laws. You will have to carefully check each one ( pending where the property is being purchased), to see if when purchasing investment properties, there are applicable Land Tax and  how do pay them as they are regulated by the State or Territory. 

Mostly your own house will be exempt, it is based on the Valuer Generals  valuation of you land only. You can then checkout if you are under/over the threshold. Over means you will have to pay yout Land Tax.

Click Here for NT Land Tax Details

Click Here for Vic Land Tax Details

Click Here for Qld Land Tax Details

Click here for NSW Land Tax Details

Click Here for ACT Land Tax Details

Click here for TAS Land Tax Details

Click Here for SA Land Tax Details

Click here for WA Land Tax Details

Deceased Estates Being Acquired

Sometimes in our lives we are appointed Executors to a deceased estate and have to manage the financial affairs of the estate; this maybe through family or a friend that had no family that  requires yourself or other Executors to manage their Estate. 

It is in this sad occasions that many matters may have to be dealt with straight away. If their is Real Estate left to be determined whether to keep or sell, that is a matter for the Executors, but this is  dependent on ensuring the will is following and ensuring that all Tax Obligations are met, prior to beneficiaries receiving there allotted payments.

In Australian if the principal place of residence was the  place of residence for for the deceased person, then as an Executor and/or beneficiary you are exempt. If there were investment properties included, then there is a Capital Gains Tax that will be charged. The most important bit is that the Deceased Estates  Real Estate property principal place of residence  must be sold within 2 years of the date of death to be Exempt from the capital Gains Tax.

This is a time we do not choose to have the property but will be provided the property based on the will and testament. This must be followed. Be in mind bills that received in the deceased estates name must be paid until the completion of the Deceased Estate's final disbursement of funds  paid to a beneficiary or beneficiaries. In most cases real estate properties will have to be sold - refer to your legal representative for proper legal advice.

Click Here for More Information From the Australian Tax Office