I still haven’t read the legislation but believe the risk is having to sell while being overseas – then there is no exemption, no 50% CGT discount and potentially huge capital gains tax as a result. I know there are some small concessions for dying overseas – but not much of a concession.

Don’t forget that a trust is not a legal entity, so you would have to transfer it to the trustee of the trust.

Well trusts are legal devices and only lawyers should advise on them. But transferring property to a trustee or declaring a trust over property will be a CGT event so perhaps a tax agent would be best for the first point of call as if the CGT is large you might not want to proceed.

 

Ones you think it is worth considering them  you need to seek…[Read more]

I have 2 separate clients at the moment who are being held back because of joint purchases with others.

 

You should seek specific legal advice – from a lawyer – but something that can work in some cases is buying in single names with the other lending the deposit. After a while this will quickly eat up borrowing capacity and then going in…[Read more]

a casual worker would need 3 to 12 months in the job to be considered. If LMI is involved some lenders won’t consider casual works as the sole borrower.

 

You might be able to change to part timmme to help qualify for the loan

A deposit is only one aspect to consider, income is the other main one. As a general rule of thumb you can borrow about 6 to 7 times your annual gross salary.

But watch out if the work is casual as it will be much harder to qualify

Sounds like it might be on revenue account or partially capital and partially revenue.

 

If you can get it on capital account you could potentially renovate, live in the first house for 3 months and sell it CGT free.

 

If you just want to reno and sell it would probably be on revenue account which might have a similar outcome anyway. Don’t…[Read more]

 

Structuring like this is legal advice so you will need a lawyer. They would need to consider the child support legislation – which I have never looked at, but I would imagine there would be provisions in there to count the income of trusts and companies which you control, even if not named as controlling.

 

One way to structure it might be to…[Read more]

Structuring like this is legal advice so you will need a lawyer. They would need to consider the child support legislation – which I have never looked at, but I would imagine there would be provisions in there to count the income of trusts and companies which you control, even if not named as controlling.

 

One way to structure it might be to…[Read more]

The legislation still has an example involving someone moving overseas

i haven’t examined the recent changes. But I think the 6 year rule might still be able to be used if the property is sold when the taxpayer is a resident again.

 

seek tax advice.

Got an offset account to save into instead of paying extra off the loan?

You might need to go fulltime if you want to borrow further.

Depends on the wording in the lease.

First thing to do is to look at the land tax act and the definition of principal residence and see if you have a choice. You probably don’t. It will be a question of fact, not the ability to select. See if there is a definition – which will probably be the one which is the ‘main’ place with all of your belongings.

If there is a choice possible,…[Read more]

Have a read of your loan agreement and see if you have contracted to inform them.
Even if you have the penalty for breaching this would likely amount to nothing.

Everyone would pay tax! (Restaurants would go out of business)

Actually not everyone – some will barter. Bartering might even make a bit of a come back.

Yesterday or the day before CBA network was down, but all you would have to do, as a consumer, is to use another card from another bank. It would be harder for shops and those taking money though.

I think many would be interested. It is not just the cost of LMI that stops people, but the LMI company rejecting the loan for a variety of reasons.

You would need specific legal advice, as what is suitable for one person may not be suitable for another. What works in QLD property may be too costly for NSW property for example. structuring loans will depend on who the legal ownership, serviceability, security value, other assets, interest rates etc.

If you have any specific questions ask…[Read more]