PropertyInvesting.com - Legal & Accounting

Posts in the Legal and Accounting Forum

Administrator — Thu, 29 Apr 2004 09:27:18 +1000

Please Note: Posts in this forum are not a substitute for specific legal or accounting advice.

Unless stated otherwise, posts are opinions made by unqualified persons and should not be relied upon as being correct.

selling aus property from overseas

birt — Thu, 09 Feb 2012 22:55:16 +1100

I want to sell my Sydney property but I cannot return to Australia, I live in the UK.

My question is how do I know which solicitor to use? I have contacted some solicitors in Sydney who can do everything on my behalf but how can I trust them?

PPOR CGT Implications

DKM — Thu, 09 Feb 2012 21:40:22 +1100

Hi Guys,

I have been trying to seek some clarification to the below scenario but haven't had much luck.

I am potentially moving overseas and I am looking at leasing out my PPOR to a long term corporate tenant (7 year + lease).

Capital Gains Tax On Duplex Build?

KIZ — Sun, 05 Feb 2012 12:20:47 +1100

Does anyone know how tax & capital gains works when you develp a block but keep one? ie;

We bought a knock down over 12 months ago (so qualify for the 50% discount) but now plan on building a duplex on the site. After we build we are planning on definitely selling one immediately and are thinking of living in the other. If we do this, how does capital gains tax work? As we wouldn't be profitable until we sell the one we live in do we not pay any or do we pay based on the perceived value of both after we sell one?

Redraw for Deposit

david4000 — Sat, 28 Jan 2012 17:46:47 +1100

Hey guys,

Quick question for those in the know with accounting:

If I redraw surplus funds from one investment loan to use as a deposit for another IP, will those redrawn funds retain their tax deductible status as they were used for investment purposes?

Inheritance

IP Freely — Sat, 28 Jan 2012 14:29:57 +1100

A colleague is to inherit his parent's IP's when they pass. Is there any way that the assets can go into an existing ora new trust(s) or directly into his smsf?

Do his parents have to rewrite their wills to stipulate a testimonial trust or make any special nomination? If they fail to do so, will any transfer incur cgt or stamp duty?

What type of trust for new IP's?

Peterc01 — Sat, 28 Jan 2012 12:46:46 +1100

Hi all, I require some help with setting up a new trust.

Currently I have a business which is run under a family trust with a corporate trustee, with myself being the sole director of the company.

My wife and i have a IP which used to be our PPOR in our own names.

We are looking at aquiring positive IP's, however I am not sure what setup I should use, as i want to keep the business seperate from our properties.

Should we set up another trust with a different corporate trustee?? (if so what kind of trust would it be, as we already have a family trust in place)

Or

Should we set up just a company for the new Ip's?

Our end goal is to live off the income from the IP's in the future.

Any help/comment would be appreciated.
Thanks
Peter

My rights regarding terrible conveyancer

John S — Tue, 24 Jan 2012 11:43:15 +1100

Over the past year and a half i have been in the process of moving the boundary of our old house block and also selling the house.

At the end of April 2011 The surveyors had completed what they needed to do and had lodged the new boundary plans and forwarded my details to my conveyancer.

Tax for fuel

Naremburn123 — Sat, 21 Jan 2012 13:36:47 +1100

Hi guys,

I've just purchased a house in Sydney's west with a granny flat. The property will be cashflow positive. The property is in my name.

can I claim the cost of fuel I use driving out there for renovations, rent inspections etc??

Setting up and getting started (accounting)

Rusty32 — Tue, 17 Jan 2012 15:07:29 +1100

Hi Guys,

My friend and I are joining forces with our savings in order to buy positive geared property and we are a little uncertain as to what would be the best structure.

We will save 60k per annum as a team and we are not interested in getting an income from our investments until later down the track (7-10 years). So any profit at the end of the year will be re-invested back into the trust.

Our accountant has suggested a Unit Trust to hold the Property. The unit trust is to have 2 units, the 2 units being discretionary trusts (one in my name the other in my friends)