*Channel 7 Casting Intro*

Discussion in 'Introductions' started by Izzie Channel7, 2nd Feb, 2017.

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  1. bob shovel

    bob shovel Well-Known Member

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    How much does the tax man take from the above example?
     
    bob shovel, 12th Feb, 2017
    #61
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Marginal tax rate x profit
     
    Terry_w, 12th Feb, 2017
    #62
  3. bob shovel

    bob shovel Well-Known Member

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    So approx 30% donation?
     
    bob shovel, 12th Feb, 2017
    #63
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Depends on whether you quit your day job or not @bob shovel
     
    Scott No Mates, 12th Feb, 2017
    #64
  5. bob shovel

    bob shovel Well-Known Member

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    Oh yeah, of course :oops:
     
    bob shovel, 12th Feb, 2017
    #65
  6. Coastal

    Coastal Well-Known Member

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    Is there anyone on the forum that flips properties and makes $50k per deal or flips in regional areas?
     
    Coastal, 22nd Feb, 2017
    #66
  7. D.T.

    D.T. Specialist Property Manager Business Member

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    Does Adelaide count as regional? :p
     
    D.T., 22nd Feb, 2017
    #67
  8. bob shovel

    bob shovel Well-Known Member

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    Remote! :p
     
    bob shovel, 22nd Feb, 2017
    #68
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  9. Coastal

    Coastal Well-Known Member

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    N
    Lol

    But would be good to know peeps are using this strategy.
     
    Coastal, 22nd Feb, 2017
    #69
  10. bob shovel

    bob shovel Well-Known Member

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    Any one got their calculators out auditing the numbers?
     
    bob shovel, 26th Apr, 2017
    #70
  11. HomePage

    HomePage Well-Known Member

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    The numbers on the unit were $336K purchase price, $20K reno, sell for $430K producing $70K net after buying/selling costs which works out to be only $4K. Stamp duty alone would be way more than that.
     
    HomePage, 26th Apr, 2017
    #71
  12. Otie

    Otie Well-Known Member

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    These young flippers are embarrassingly amateur
     
    Otie, 26th Apr, 2017
    #72
  13. Perthguy

    Perthguy Well-Known Member

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    Still not on for an hour in Perth. I will have to try to catch it on catch up.
     
    Perthguy, 26th Apr, 2017
    #73
  14. Otie

    Otie Well-Known Member

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    It's good to watch
    We thought the young couple were complete idiots. The older ones seemed to know what they were doing. No mention of holding costs,gains tax etc. I'd love to have the valuer the young couple used do my vals!
     
    Otie, 26th Apr, 2017
    #74
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  15. bob shovel

    bob shovel Well-Known Member

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    :eek:
    The first thing the old ones said was to stick to budget. ... the second thing they did was double their budgeto_O

    The young ones did alright and seemed to know their stuff.
    Technically they didn't do a "flip" and how can they refinance without jobs if they're flipperso_O airbnb rent may be good income in peak season but no mention off peak of course.
     
    bob shovel, 26th Apr, 2017
    #75
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  16. Otie

    Otie Well-Known Member

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    Forgot to factor in agent commission.
     
    Otie, 26th Apr, 2017
    #76
  17. Gockie

    Gockie Life is good ☺️ Premium Member

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    Damn... I didnt watch it.
     
    Gockie, 26th Apr, 2017
    #77
  18. bob shovel

    bob shovel Well-Known Member

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    Yes. But it was unclear. Young ones held but the oldies were going "private treaty" but there was a for sale sign of some kind out the front?
     
    bob shovel, 26th Apr, 2017
    #78
  19. Perthguy

    Perthguy Well-Known Member

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    Catch up.
     
    Perthguy, 27th Apr, 2017
    #79
  20. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I'm always amazed there is someone who will go on TV and talk about their secret to making $ and possibly even disclose a tax problem and think the ATO dont watch.

    Carpenter and his Mate on TV "We have been doing this for three years and made $2m flipping"
    ATO Media team "Well why does his tax return show $100K of income over two years"
    Carpenter to ATO: Oh that was my home mate. I just did a small reno while I lived there. Its exempt isnt it ? And a investment property or two I decided to sell.

    What Seven need to do is get people to vote for the dodgiest tradie. Next week on ACA with Tracy a followup for their penalties when they get busted bragging on TV.
     
    Paul@PAS, 27th Apr, 2017
    #80
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