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I like the trust deeds I have seen where a "professional" has set them up where the sole beneficiary is also the only trustee. If I could have that sort of relationship with myself I wouldn't leave the house.
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Anything inside 10km is moving well, anything inside 5km even better. Price and target market for your tenants will be a deciding factor.
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Different for different situations and also different states have different land tax considerations.
I am a big believer in discretionary trusts with corporate trustees for investment properties in QLD .
BUT you can't negatively gear wages and salary against losses in the trust.
Some basics
50% CGT discount for trusts not companies
Discretionary trust allows for distribution to everyone your related to, and companies and trusts and and and.
Companies to shareholders only
Unit trust allows for distribution to unit holders only
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The first proceedings in Court between Council and property owners have now resolved on this matter so I now feel comfortable commenting.
I can confirm that I acted as the Lawyer for many clients in appeals against Enforcement Notices issued by the Council for non-compliance with the House Code (renting of secondary dwellings to a separate household) . We were successful in getting a large costs order from the Council but it was really only a tactical retreat by Council.
The Council issued these Enforcement Notices within their legal authority to do so and while there maybe some technical or evidentiary issues with some of the notices, the Council and their legal team maintains their interpretation that is unlawful to rent primary and secondary dwellings to separate parties remains.
Council has withdrawn Enforcement notices as a tactical move to enable them to run an Originating Application in a superior court. They are doing this so that, rather than an individual enforcement notice being able to be beaten on appeal due to a technicality, they can get a superior court ruling that this sort of use is unlawful. My estimation is that they have spent up to $200,000 in legal fees on this matter to this stage, and these costs are going to increase substantially for the Originating Application. They have a Queens Counsel and a Junior Counsel briefed to prepare and run the OA. They have spent a large amount of resources on preparation and evidence gathering. This matter is one the Council feels very strongly about and all the indications are that they will spend whatever it takes to stop these uses.
We have an argument to make that the use of these properties is lawful and I think we have a reasonable chance of success of arguing this in Court but it is going to be an expensive process. Fortunately with us having numerous clients they can at least share the costs between them. Hopefully for our existing clients we pick up some more clients to defend the OA as we split the costs between all the clients, more we have they cheaper it is for them.
However, if the Council wins their OA, it appears that they intend to issues an enormous number of Enforcement Notices and that any of these subsequent Enforcement Notices that were overturned on Appeal due to evidentiary or technical issues would simply be replaced by new ones.
This is not going to go away and I would be loathe to purchase a property in a BCC low density residential area that is rented to separate household groups.
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Brian
Without minimum ceiling height being achieved you are not going to comply with the Building Code of Australia. You can have lower projections into the height in places, eg where beams/ bearers are. Is it possible that you raise the ceiling height by putting the sheeting directly onto the floor joists above and then boxing around the bearers?
Is it on a small lot? This makes a difference to a possible future outcome in the case I was talking about above.
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State based systems are different. Need state and also more info
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Under the new City Plan 2014 you can divide in LMR areas down to as low as 180m2 in the right location.
Have a look at http://www.brisbanecityplan2012.com.au
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Conveyancing is the biggest area of claims in terms of both quantum and quantity on solicitor's professional indemnity.
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You may be able to get a material change of use to a multiple dwelling – hostel. But you would need to be on LMR or higher land and I am guessing you are on a low density lot.
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You would need to get a material change of use for short stay accommodation to make it legal.
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Happy to have a look free of charge and see whether I can help.
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In QLD the land tax threshold for each and every Trust is $350,000. So they do not add to either your individual threshold or the thresholds of your other trusts. This can provide a significant saving in QLD.
However, in NSW a family trust has no threshold, but a fixed unit trust does.
Discretionary trusts provide separation and your interest in one is not an asset that can be claimed by your personal creditors.
If you have leases and trade creditors where you are required to give personal guarantees and you would not be able to meet these obligations if your business went under, then I would consider you at greater risk of losing assets than your doctor wife. Unless she has her own practice and has the same issues.
Lack of access to negative gearing can be an issue. However, if your business was set up in a trust, then it could distribute income to your negatively geared property trust and would achieve the same outcome.
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2nd that for Richard Taylor.
Great bloke and nows his stuff.
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My CQ office is based in Rockhampton and most of our work is in Mackay at present. I like Rockhampton as a central feeder area for the greater surrounds, but the market has been up and down there.
There has been a lot of NRAS 4x2x2 stuff done out Gracemere way over the last year or 2.
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Hi Charlie
If you are happy to PM me the address I will have a look and answer back through the forum minus and identifying info.
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You are effectively selling that person's interest in the property to the other one. Even if gifted stamp duty and CGT may apply.
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Qld is Council by Council
Sunshine Coast Regional Council
http://www.sunshinecoast.qld.gov.au/sitePage.cfm?code=current-schemes-menu
regards
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Hi
Cheers Jamie
At the moment Dual Occupancy is not really a reality in Brisbane. Under the new City Plan it will be, or at least that is what the draft says now. If you are happy to PM me the address then I will respond through here sans identifying info so others can see.
regards
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Hi
Is it zoned LMR 1, 2, or 3.
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