Answers
1. Yes – is dad still working?
2. LOC on dad's property
3. Yes – but consider if it should be. A trust could be a good idea, it depends
4. Easy, but messy. Stamp duty, conveyancing and new loans. Selling and starting over is one option – but there are others.

INCOME TAX ASSESSMENT ACT 1997 – SECT 118.145
Absences

             (1)  If a * dwelling that was your main residence ceases to be your main residence, you may choose to continue to treat it as your main residence.

             (2)  If you use the part of the * dwelling that was your main residence for the * purpose of producing assessable…[Read more]

Thanks Grum – Most people completely forget about GST

ryan mclean wrote:

Terryw wrote:
you can only count one residence as your main residence at any one time.

A question for you Terry:

What happens if the husband is living in Brisbane but the wife is living in Sydney. Assuming both properties were jointly owned (in both their names) would they be able to claim PPOR for both properties (as…[Read more]

1. Anything not otherwise claimed – light bulbs and mower fuel etc.
2. moving in and establishing it as the main residence again. Look at the legislation s118-145 ITAA 1997. It has an example in the act.
3. cost base is reset to the time it became income producing.

Note.you can only count one residence as your main residence at any one time.

wilko1 wrote:
Thanks for that terry. 
You have proberly answered this in another post. But what formal qualifications have you done to gather the taxation, estate planning and other legal/property related advice over the course of your career. 

Many courses I am afraid – Bachelor of law, Grad Dip legal practice, Master of law, dip financial…[Read more]

wilko1 wrote:
I thought the was limits to how much you can gift a spouse or a relative etc
my other comment was the thought of setting up a testamentary trust for the grandson/son. 

There are no restrictions on who or what or how much you can gift to anyone. However there are a variety of consequences.

Yes, you would be taxed as you are doing this with a profit in mind. You could possibly help your grandmother though and she could gift to you.

However, there are many complex legal issues such as:
1. Capacity – does grandma have legal capacity? Could there be allegations of elder abuse involving undue influence etc. Often this will come from…[Read more]

yellina wrote:
Dear Terryw, 

I am Getting 4.92% Interest from ANZ for all the properties. 

1) Residential. 
2) Some are 600,000 and some are 350,000. But all my properties, They are offering 4.92% . 
3) No yearly charges. 

Because on this forum we discuss about property Investing, I would like to know what other are getting. Qlds is getting…[Read more]

yellina wrote:
Dear All, 

Looks like I got the best deal, with the Interest rate. 

No one wants to discuss Interest rates here. 

Thank you
Hari Yellina

How you think you got the best deal? What are you measuring against?

Yes, it might be possible. Refinance the remaining unit with a different lender – settle on the same date as your sale settles. Will all depend on the valuation though.

I've seen a lot of people fall down because they deviate from their plan. Don't lend anyone money! I can't believe how many people have lend large sums of money and can't get it back!

Don't get side tracked into some sort of buisness scheme – most fail.
Don't get side tracked into shares if that is not your area and not in your…[Read more]

Unlikely. Loan would be based on purchase price of land and % of fixed price contract to build.

I might have an old wrap kit floating around somewhere. Will have a look over christmas.

Hari – it all depends

Why bother?

too many variables such as commercial or resident. LVR, total borrowings with lender, individual or company borrower etc

g. I have a client paying 4.83% with ANZ. He is getting a much better rate, but his situation is totally different.

yellina wrote:
Dear Freckle. 

You are right. Do you think this is all Illegal money invested here in Australia. 

Thank you
Hari Yellina 
Property Investor. 

Certainly not all. But lots of illegal money lots and lots!

No lender will accept a valuation you do yourself. Even if the valuer is on the panel. The valuer will do a new report even if you had just ordered one – they will probably even visit the property again. The valuation amount will usually be the same, but not always. When you order your valuation you have to tell the valuer what it is for -…[Read more]

I would suggest you seriously look at offloading it as you could possibly put the money to better use and could buy another if you change your mind and come back.

Think of the opportunity cost of holding it -what else could you do and the effect on borrowing capacity.

But, it will probably double in price the year after you sell it!!!. That's…[Read more]

dangermouse99 wrote:
Hello All
I just sold 1 of 2 units in a complex as of today (Unit 2). I have owned the Unit 1 for 10 years and have made no capital gains ($375K purchase and still worth approx the same) and had about $100K equity which was used as security U2 for $110K 18 months ago. I have just sold the U2 property for $203K and owe $77K…[Read more]