Property Investment Update | Real Estate Investing Advice & Strategies From Experts You Can Trust
Ed is a founding partner of Chan and Naylor accountants and a leading property tax specialist. He has co-authored 3 best selling books. As a seasoned property investor he shares his unique understanding of the relationship between property investment and tax. Visit www.Chan-Naylor.com.au
People say there are only two things that are certain in life- death and taxes.
But when it comes to property and taxes, there’s much, much more!
However over the last 30 years of being in “Practice” and managing clients’ affairs and having seen the problems people get themselves into when investing in property, we have come to the conclusion that there is a third absolute certainty. [Read more...]
Mr and Mrs Smith recently came to see us because they had an annual land tax bill of $46,000 per annum to pay.
They were both medical specialists, so both were in high risk industries for litigation.
Naturally they were concerned to have anything in their name.
If you have nothing in your name than creditors are reluctant to take legal action, because even if they won there would be nothing for them except a large legal bill.
They were interested to buy a new home and under normal circumstances you would purchase the home in the name of the spouse who was less “at risk”. [Read more...]
This article is a transcript of part of a video program – Wealth for Life – featuring Ed Chan
My uncle said, “The only difference between the rich and the poor is simply the way they think. It’s their mindset.”
And this has been proven over and over again, and even the people that have won the lottery, they’ve lost it again within a very short span of time.
And this is a generational problem, it’s got nothing to do with the amount of income that you earn. So, you know, clients of mine that earn a lot of income are not necessarily today very well off. You know, the people with the different mindset are the ones that are very wealthy.
Okay. I’m going to share some myths with you… [Read more...]
There is a critical mistake made by many people who have lines of credit and who have investment properties. This mistake is common and you’ve got to be aware of it, because it’s costly to fix up.
Now, I assume you know what a line of credit is.
A line of credit is like a big credit card. The banks give you approval for a limit on how much you can spend, and you can spend it anywhere you want. You can even use it to pay the interest on the line of credit itself.
Let’s imagine someone gets a line of credit of $100,000, and they’ve used that $100,000 as the 20% deposit to purchase a property. So it’s a now business expense. It’s tax-deductible. The interest on that loan is a tax deduction, because the money went towards the investment property.
Here’s where they make a mistake… [Read more...]
Welcome to Property Investment Update. If you are interested in creating wealth through property investing - browse our site to get tips and strategies you can trust from Australia's leading real estate investment, tax, property development and finance experts. To keep up to date with regular market updates, please click here.
Get property investment updates on your terms:
Explore our property finance & tax related books, CDs and DVds.