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Hi HM
Welcome to the forum
1st question, what council area is the property in?
QLD is having issues at the moment, Brisbane huge ones with this.
D
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There are often things that can be done.
I have numerous contracts that we are doing the conveyance on at present where my client (the buyer) could terminate up to the moment of settlement. These are usually due to the seller's agent or seller's solicitor stuffing up. And even when the agent stuff's up the seller's solicitor should pick it up, often they don't, I assume because a paralegal reads the contract rather than a solicitor. We use paralegals to do the administrative side, but a solicitor always reads the contract.
Seek legal advice
regards
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Off the plan contracts are large and often complex.
As Nigel said, you will be up for all loses of the developer, sales commission advertising loss in price etc.
If the developer has not sold all the properties they may be more accommodating than if they are all gone. Dialogue is the key.
There is also some possibility that some part of the contract or the sales process did not comply and you may be able to walk. This takes time to determine and is usually not cheap.
good luck
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Hi Michael
Which state. There are very different systems in each.
Regards
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If the posts are usuable, what about putting some rails up, nailing on blue board and then rendering or bagging. Not as noise insulating as block walls, but cheaper and faster.
D
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And, especially with the family provision issues, ends up eating up a large part of the estate in legal fees.
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QLD is technically not allowed either, although some councils may provide a special allowance for it in their planning scheme or just not prosecute.
Brisbane is on a huge crackdown at the moment, I know of over 50 enforcement notices at the moment in one area of brisbane alone.
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When dealing with property, it has always started with trying to find someone who has some idea about. Unfortunately not many accountants and lawyers do. And even when they do, a lot don't advertise the fact, so hard to find out. Much easier now with most having websites and a lot being on forums etc.
I always prefer dealing with people who have been there and done it themselves.
Cheers
Happy Australia Day to you to
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Hi Crido
Good luck with your development.
Have no experience with these guys but am looking forward to hearing your progress on here.
D
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Hi
Welcome to the forum.
Look at your structure also and decide whether you are comfortable investing in your own name. Don't just consider now, but also consider future options.
Not a Melbournite but looking forward to see what you decide on, please share here when you buy.
regards
D
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There has been cases, Terry can probably quote them more than I, where a elderly lady has written a will on a scrap of paper in Hospital, and although it was not witnessed it was upheld. This was mainly due to her telling the nurse that was her intention, and it canceled out a solicitor drawn will that was dated earlier.
People sometimes use cases like above to say that you can do a will by yourself and save the money of going to see a solicitor. Problem is that in stories like above, a large part of the estate is spent on legal fees trying to sort out what should apply. Much cheaper to pay for it to be done properly in the first place.
Unfortunately even properly drafted wills can be challenged under family provision acts and the funds to defend it come out of the estate, but at least if it is properly drafted a lot less money will be spend arguing over which parts of it are or are not valid. Using a specialist like Terry will also minimise the risk of such a challenge, as if you choose not to provide for a family member for some reason, a specialist will be able to get you to properly document why.
D
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Hi Breece
I am a big believer in using professionals, but not blindly. It helps to try and understand something about the area if possible, if not seek advice from different people and weigh it up.
One good thing about using a professional, is that if there is a bad stuff up, their professional insurance may give you some recourse, if you do it all yourself, you have nothing.
D
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An overall structure is a good start, looking at whether their are different entities that can be used for your income.
Tax reduction should be ancillary to the investment benefits. Need to work out what you are trying to achieve. Some people live off their cash flow positive property, others are accumulating appreciating assets that may cost them money.
Outline what it is you want to achieve and then you should get some great info from this forum.
D
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Hi Neil
I have a new planner starting on Tuesday that is ex sunshine coast council and she is going to be doing all our SC work. I will run it past her.
The problem in Qld is that the definition of a house changes once you rent to different people. The grammar is somewhat wrong but the Supreme Court has supported it.
If a group of people come together to rent off a landlord that is normally a house, if the individuals or groups are discrete individuals or groups then the use is no longer that of a house. Separate leases are evidence of the individuals or groups being "discrete", as is not sharing common household expenses like electricity, water and gas.
If the local council has a specific zoning for it, or a specific part of their planning scheme which allows it, then that is ok. There is also a chance that a local council tolerates the practice by not enforcing it, but that does still not make it a legal use.
Brisbane City Council it is outright no go and they are currently sending enforcement notices to property owners, they have done internet searches of rental ads to find these properties. They appear to be doing it by suburb at the moment.
If you are in another council area and it does not have a specific code allowing it, I would not be buying a property based on the ability to rent separately, if it still adds up as renting to one group then well and good. Your council could stay with not enforcing it for ever, or they could hit you with enforcement notices requiring you to stop renting to separate parties.
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Everything is technically covered by the anti avoidance provisions of the tax act anyway.
Trusts are very effective when used properly, Pascoe hates them and I don't know why. They are perfectly legitimate vehicles for asset protection and wealth creation etc. Some people push it too far and if their income is high enough, they may figure that the legals and penalties of the last 7 years if they do get caught is less then they got away with.
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Hi Neil
Depends on the Council area
In Brisbane, be very careful on how this is structured. It will most likely breach the house code and Council are cracking down on this.
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Hi
Andrew from these guys seems to know his stuff
http://thedesignpartnership.com.au/about/meet-the-team/
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Hi
Sounds like you are talking about unpaid present entitlements. Chat to Terry W about that and estates, can be tricky.
regards
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No worries at all, always happy to have a chat
D
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Hi WUM
A company would not be able to take advantage of the 50% CGT discount on properties held for longer than 12 months.
A trust with a company as trustee would.
A unit trust if structured correctly would have a land tax free threshold in NSW
A discretionary trust and a unit trust has a land tax free threshold in Qld
A unit trust is not protected from the creditors of an individual unit holder.
You may be able to transfer units into super later on
A discretionary trust is protected from the creditors of beneficiaries
All of the above only works if structured right.
Setting an entire structure up with the ability to add and remove components where you need to is ideal
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