Total Members: 158,752

Terryw

  • Terryw replied to the topic A Guide To Land tax in 2024 in the forum General Property 1 week, 6 days ago

    There is some inaccuracies in your post so best to seek legal advice on land tax specific to your situation

  • Terryw replied to the topic Jan Somers – Building Wealth in the forum General Property 1 week, 6 days ago

    Oh i just realised that first post was written in 2010 so 14 years ago!

  • Terryw replied to the topic Jan Somers – Building Wealth in the forum General Property 1 week, 6 days ago

    Google tells me the medican is around $933,000 as of sept 2023 so she was not that far off.

     

    Keep in mind they were predictions

  • Terryw replied to the topic Land Tax – State Revenue Office in the forum Legal & Accounting 1 month, 1 week ago

    Borrow to pay it is one option.

    Did you do some planning before purchase so you could minimise land tax?

  • Terryw replied to the topic Financial Advice in the forum Help Needed! 1 month, 1 week ago

    Financial advice is advice on a financial product. Property isn’t a financial product so you likely need finance and tax advice based on what you have written.

  • If you sell you will likely pay CGT and will loose future capital growth. You would also be up for agents fees and if you later buy something else more stamp duty.

     

    Do you guestimate they will be growing more than they are costing you? if so it might be worth holding. ALso have to factor in the opportunity cost of having the money tied it, the…[Read more]

  • Terryw replied to the topic Buying primary residence in the forum Finance 3 months, 1 week ago

    If the house is being used as security it would require a joint loan with both of you as borrowers, or 2 loans with each guaranteeing the other’s loan. Your income isn’t mentioned, but together you might be able to qualify.

    Best to seek legal advice before purchase and consider entering into a deed of partition so the titles can be transferred…[Read more]

  • Terryw replied to the topic CGT, 6 year rule and two properties sold in same FY in the forum Legal & Accounting 3 months, 1 week ago

    There should be no need for a private ruling for a question like this. basic tax advice should be enough.

  • Terryw replied to the topic To Trust or not to Trust! in the forum Legal & Accounting 3 months, 3 weeks ago

    1, Trust in NSW, but not true for most other states

    2. Not true

    3. Yes – a little ASIC fee plus tax returns

    4 yes

    5. trusts can negative gear like any taxpayer.

  • Terryw replied to the topic To Trust or not to Trust! in the forum Legal & Accounting 3 months, 3 weeks ago

    I am a trust lawyer and mortgage broker of 24 years and you have misunderstood a few things here.
    A trust cannot borrow as its not a legal entity, just a relationship. It is the trustee that borrows. If hte trustee is a company the loan will be taken out by the company with the director giving a personal guarantee. that means it is not a debt of…[Read more]

  • Terryw replied to the topic CGT, 6 year rule and two properties sold in same FY in the forum Legal & Accounting 3 months, 3 weeks ago

    Not enough info to know for sure, but it could potentially be the case that PPOR 1 could be claimed as the main residence for the whole period because of s118-145 ITAA97

     

    6 year rule can apply even if you do buy another main residence- but you can’t claim the exemption on both for the overlapping period

  • Terryw replied to the topic Depreciation inside a Family Trust in the forum Legal & Accounting 3 months, 3 weeks ago

    If the trust’s income is going to be less than the tax free threshold there may be no tax benefit for the trust to claim depreciation. but it would still be added back to the cost base on sale, but there is an exception to this if the taxpayer doesnt know what the depreciation values are so the trust shouldn’t get a depreciation schedule if it…[Read more]

  • Terryw replied to the topic Distribute Income from Trusts to minors? in the forum Legal & Accounting 3 months, 3 weeks ago

     

    You shouldn’t be paying off trust properties as that will create legal issues. You could gift the trust (the trustee) money or lend it money which it can store in its offset account or pay off the loan. Either will decrease the expenses and mean the trust will have a larger taxable income so it could result in more tax.

     

    2. The trustee…[Read more]

  • Terryw replied to the topic Subdivison of PPOR – Tax Implications in the forum Legal & Accounting 3 months, 3 weeks ago

    You need to apportion the cost base expenses between the 2 blocks and the best way to do that is to instruct a valuer to do it. The other block has a house on it so it cant be worked out on an area basis. Your valuation would be done as of the date of purchase. Main residence exemption can’t be used on vacant land and can only apply to 2 acres anyway

  • Terryw replied to the topic Issue after settlement – vendor not responding in the forum Legal & Accounting 3 months, 3 weeks ago

    the contract ended at settlement so they are unlikely to be under any obligation to asset.

  • Terryw replied to the topic My PTY LTD renting property from my trust in the forum Help Needed! 3 months, 3 weeks ago

    The trustee would need an express power in the trust deed to rent to a beneficiary.

    But if the trustee as the same company you are referred to? There is a common law rule against contracting with yourself, even in different capacities. but the ATO seems to allow it for tax purposes. Best to seek legal advice

  • Terryw replied to the topic Finding an Accountant for Trust Structure in the forum Help Needed! 11 months ago

    Why an accountant? Trusts are legal relationships so you are best off with a solicitor to explain, but if you are after advice on borrowing capacity they will need a credit licence as well so you would need a broker for this.

  • Terryw replied to the topic Can trusts increase burrowing capacity? in the forum Finance 11 months ago

    An asset held by a trustee of a discretionary trust is not an asset that you own, so it is the same as paying off someone else’s loan. It has various consequences so best to seek legal advice. One strategy might be to lend your cash interest free to the trustee instead and let them pay off the loan with the loan from you. Another may be to gift to…[Read more]

  • Terryw replied to the topic Purchasing a property using a trust in the forum Legal & Accounting 1 year, 4 months ago

    A company cannot own a trust. A company might be acting as trustee for a discretionary trust. The company would own the property, the company would be the borrower with the director of the borrower giving a personal guarantee. The lender would want the company to enter into the contract as trustee of the trust and have a right of indemnity out…[Read more]

  • Terryw replied to the topic Struggling to understand asset protection provided by a trust in the forum Help Needed! 1 year, 4 months ago

    It doesn’t matter what an accountant says as this would require legal advice.

     

    This might be taken out of context or is a bit vague. First what are you trying to protection the property from? Creditors on bankruptcy? A trustee of a discretionary trust can still hold a property and let a beneficiary use it, perhaps rent free, if they have…[Read more]

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