This would breach superannuation legislation.

Who advise you this and what is the purpose?

A rebate to get a higher loan amount could be deceptive to the lender.

This must be a victorian purchase?? Off the top of my head you would get the owner occupied rate if you intend to live in the property and actually live in it.

Fences are not deductible. This would be capital works, same with the paint. You could merely depreciate them at 2.5% pa over 40 years.

You will max out at some point. Generally where a borrower is a company and you give a guarantee if you go and apply to borrow again, if your own name or under another company, the loan you have guaranteed will count the same as if you were the borrower yourself.

There are limited lenders where guarantees may not be counted as debts, if the…[Read more]

It should be ok to stand I think. Many people seem to have these thoughts!

I am a lawyer so couldn’t advocate lying to the ATO.

The ATO searches the rental bond register too – which would be evidence the house is rented out so the full main residence exemption would be llost – and you cannot use the 6 year rule when still living there and renting out part of the property

Are you implying that the op should go to a real estate agent for tax advice?

No.

The requirement is not ‘live’ but reside in it as your main residence.

The directors and shareholders of the company must also list their home addresses and these are publically searchable too. Most of my clients use their home addresses for both the registered office and principal place of business.

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]