PropertyInvesting.com | skmesser | Activity

skmesser replied to the topic estate agents contracts in the forum Help Needed!

Sat, 07 May 2005 14:06:22 +0000

Mamj, I’m not sure about NSW but in Qld I’m also careful to ensure that the agent’s appointment says that commission is only earned when settlement is achieved (and not some earlier point – like the contract being signed). You don’t want to pay them unless it all goes through and you have the cash in your hand.

SKM

skmesser replied to the topic Compay Structure in the forum Legal & Accounting

Sat, 07 May 2005 13:14:27 +0000

Definitely one for some professional advice Smiley, to see if you can find an applicable exemption in the relevant State’s Duties Act. My feel for it is that you will be up for stamp duty because the new block will effectively be going from your ownership to the company’s ownership.

Let us all know the professional’s answer if you get one.

SKM

skmesser replied to the topic Selling in Qld in the forum Legal & Accounting

Sat, 07 May 2005 12:59:34 +0000

As a supplement to Richard’s excellent response to you, there is no vendor stamp duty in Qld (like there is in NSW), and so stamp duty on a sale in Qld is generally a purchaser problem.

For more information on CGT, the ATO has a pretty useful introduction guidebook available from its wesite (www.ato.gov.au). Assuming the property was purchased…[Read more]

skmesser replied to the topic trust in the forum Legal & Accounting

Sat, 07 May 2005 12:40:19 +0000

Grillo,

I reckon Terryw is on the money re the way to negative gear through a trust. (Have a look at chrisbatten.com.au)

I like OSS’s thinking, but I think when you see a lawyer or accountant about it they might point you to something called Ure’s case and say that the ATO won’t let you claim the deduction.

Hope that helps.

SKM