| SALE
AND LEASEBACK |
|
A method of realising cash but retaining the use of a property
or other fixed asset by selling it to an investor and simultaneously
leasing it from the new owner. |
|
| SECOND
MORTGAGE |
|
A
charge on land by way of a mortgage which ranks after a first
mortgage but ahead of other mortgages. |
|
| SECTION
51 DEDUCTION |
|
A
deduction under the Income Tax Assessment Act 1936 from assessable
income. Sub-section (1) reads as follows: "All losses and outgoings
to the extent to which they are incurred in gaining or producing
the assessable income, or are necessarily incurred in carrying
on a business for the purpose of gaining or producing such income,
shall be allowable deductions except to the extent to which
they are losses or outgoings of capital, or of a capital, private
or domestic nature, or are incurred in relation to the gaining
or production of exempt income." |
|
| SECURED
LOAN |
|
A
loan that is guaranteed by a charge over all or some of the
borrower's assets. Secured debt ranks before unsecured debt
in the event of a liquidation. |
|
| SETTLEMENT |
|
The
exchange of the documents of title for money on finalising a
sale of land or on the grant or discharge of a mortgage. |
|
| SEVERAL
|
|
Involving
two or more persons separately, individually (contrast "joint").
|
|
| SHANDY
RATES |
|
Local
government rates imposed partly on the site value and partly
on the net annual value of a property. |
|
| SIMPLE
INTEREST |
|
Interest
calculated on the original capital only but not on the accumulation
of past interest amounts, in contradistinction from compound
interest; simple interest is a very misleading and inappropriate
way of measuring the return on an investment. |
|
| SITE
COVER |
|
The
area of land on which a building is erected divided by the total
area of the land concerned - for example, 0.58 |
|
| SITE
VALUE (SV) |
|
The
notional value of land as though it had no buildings erected
on it (contrast "Improved Value"). |
|
| SITTING
TENANT |
|
A
tenant already in occupation of a property. |
|
| STAMP
DUTY |
|
A
State Government fee levied inter alia on every transaction
to buy or sell shares or to buy property. |
|
| STRATA
TITLE |
|
A
title to land which has been subdivided vertically as well as
horizontally. |
|
| SUBDIVISION |
|
The
apportionment of a large block of land into smaller blocks which
can be owned separately. |
|
| SUI
GENERIS |
|
Of
its own kind. |
|
| SUMMATION
METHOD |
|
A
method of valuing property which has regard to the value of
the land free of buildings and the separate value of the buildings
allowing for depreciation. |
|
| SUPPLIES
(GST) |
|
Goods
and services sold or the amounts receivable for them. |
|
| SV |
|
Site
value. |
|
