god_of_money wrote:
Terry, 
Correct me if I am wrong.

I thought that you can transfer 50% to your partner/spouse free if stamp duty in NSW as long as it is intended to use it as PPOR

From one name to 2 names you can. Without checking, i think you cannot go from 2 to 1.

In NSW you would be up for stamp duty on the transfer of your interest.

Squiresy,

You could possibly transfer your interest in your property to your spouse. If in VIC it could be exempt from stamp duty.

But because ownership is changing she will need to apply for a new loan. If you guarantee this loan then you haven't achieved much – your borrowing capacity will be the same.

Also setting up a trust won't assist in…[Read more]

read the contract carefully. based on what you have said if the contract falls over there would be no settlement and no further deposit payable, but what other clauses are there. Get a lawyer to review.

jate wrote:
Hi Colin, i too was thinking it would be as simple as that but the bank informs me that this is not possible because for interest only loans the amount is always a differing amount each month they won't know how much to deduct plus there is a 3 day delay from OFI so they said it's not possible?

im just trying to think how utility…[Read more]

juvanix wrote:
Goodness…..so our lawyer plus the buyer's lawyer and accountant is saying that the property cannot be listed under 'going concern'. I agree that the sale cannot be sold as a ' going concern' after doing more research. ( THANKS crj!) However, our accountant is still arguing that it can be used.

So now, he's asking whether the…[Read more]

I’ve seen a few doosies. One client, a business man, had his son as settlor of the trust – so his son could never benefit from it. Set up by an accountant!

Get legal advice or risk paying 10% to the government.

adriannqld wrote:
Hi guys,
I almost got burnt by my last tenant
I  self Managed and he stoped paying and then wouldn't move out. Made up BS excuses.  Followed RTA.QLD  website, did the right notices and evicted him but he was still there.
Lodged a dispute. Who knows how long they will take to reply.
A couple of days past and I thought I would…[Read more]

yellina wrote:
Dear Tiger Miger,

If your mum's money is sitting in your account. It will definitely decrease the interest. following are the few recommendations. 

Make sure you have a written agreement. Stating that the money belongs to her. 

Please update your will with her, entitling the money if some thing goes wrong. 

In my perspective…[Read more]

FMS wrote:
My attempt at humour was lost in translation or perhaps the words I chose?

Sorry Colin, as a lawyer I rarely joke so humour often confuses me.

FMS wrote:
Thanks for sharing Terry. 

A commentary on gifting funds in order to be deductible would be nice 

Gifting funds isn’t deductible.

mathyland12 wrote:
However im only partially comfortable about "Who" to go and see first to set this up?  A lawyer? An Accountant? or Financial Advisor? If the answer is the Accountant, should i use my current accountant? I already have a family trust that has purchased one property and my current accountant knows my situation well. (sorry as im…[Read more]

rc388 wrote:
Hello, I live in NSW and planning to buy an investment property also in NSW

In terms of loan structure I’m looking to take out a second loan based on the equity from PPOR to act as the deposit and pay also for the stamp duty – its almost like a line of credit

I understand that stamp duty paid on title transfer is counted as part…[Read more]

I beleive the legislation is worded so that the deporeciation is added back whether you claim it or not. So by not claiming it you are not preventing this and are just throwing money away – or donating to a good cause however you look at it.

I am not sure how non lawyers can set up companies and trusts. Even if a lawyer is preparing the documentation a non lawyer can not give legal advice so what happens if a client asks who should be trustee or who should be director? What does this clause mean? etc

Also neither accountants of financial planners will be covered by their PI insurers…[Read more]

Redwood wrote:
G'day QLDs007, 

Our fees are clearly stated on our website firstly this includes custodian trustee (including ASIC fees) plus custody deed.

Let me clarify $1750 is for bare trust or Limited Recourse Borrowing Agreement (LRBA) set up NOT SMSF set up.

Are you saying $1750 is steep? please prove me wrong here.

As you know ASIC…[Read more]

Not claiming depreciation throwing money away.

mathyland12 wrote:
Thanks to all who have responded

After speaking to some friends over the weekend, they said they were scared off buying real estate with SMSF due to the fees involved and then the time taken to manage the fund. 

Is there any advice to this?  How much does it cost to set up a SMSF so that it can buy real estate? 

Mat

Yep…[Read more]

Paterson00 wrote:
Thanks for the info.  I'll be losing that straight away then since my wife will be running a dog boarding from our house as soon as we buy it. She runs a dog walking business at the moment and she has a lot of requests for boarding which we cant do in our rental.  If I have lost that already, I may as well make as much from the…[Read more]