Also Someone on $80,000 pa would pay approx 18747.00 in tax. That is just 23.4% tax.
Great calc at http://www.taxcalc.com.au/

kilat wrote:
Hi,

I'm hoping for some help on these questions that's been bugging me.  We lived in a house for 3 years, then built a unit at the back.  Before the back unit was completed, we built and moved to a 3rd house for good.  The back unit was rented after it was completed, and the front house was rented out after we moved out (both in…[Read more]

jcasny wrote:
Hey Guys,

I am very interested in buying a 4 villa complex in Bali, operating as a hotel destination with infrastructure already in place. 

As i am an investor in NYC and NOT internationally, I wanted to know your thoughts… I am not exactly up to date on the real estate politics of Indonesia and as with any long-term investment…[Read more]

winadil wrote:
I want to change my ppor into ip, I went to the bank and after 2 weeks they came back and told me that since my loan is over 80% (is currently at 83% ) that I will have to either pay for mortgage insurance again or pay out $14000 to get it under the 80% but that they also wanted to get the house reevaluated and that the house…[Read more]

Best to see a property lawyer. Not all property lawyers would do litigation however, so even if someone has not been to court this may not mean anything. In fact a well drafted contract may mean there is no ambiguity and less disputes arise.

Also the option contract is only one part of it, the aother part is you knowing the contract and meeting…[Read more]

You may be able to go into the purchase with another party. It will be virtually impossible with just $4k deposit.

Since you have inherited the land it is likely your cost base will be the value at the date of death. Best to get some proper tax advice before selling as you may be unlikely to get the loss

Yep. 6 year rule would only apply after it was lived in first.

If you were paying someone else’s loan you would have a beneficial interest in the property.
You couldn’t change the loan as it is not legally your. The borrower would be the contracting party with the bank, you would be just paying the loan.

Any claims wouldn't amount to much 2 weeks is about 4% of a year!
Complicates CGT too, though this shouldn't really be an issue in the long run. The property will be always subject to CGT as a % of the time it was rented.

Go and speak to one of the financial advisors at Centrelink. They are apparently very helpful

Yes, someone that owes you money is responsible and you can take legal action to get this money back. If you have an insurer they will probably take this action (in your name too!).

Yes it is all possible. You must seek proper legal advice to set up, as without it you will be in danger of breaching various provisions in the Corporations Act.

Don't know about conveyancers but solicitors can.

Jason957 wrote:
If developing a property under a company (to sell) do you have to pay CGT and income and gst ??

Developers generally do not pay CGT just straight income tax. GST would still apply.

Forge wrote:
Hi guys,

Thanks for your replies.

So no one knows how or where to find investing partners?

Terry: I had two trains of thought.
First idea was the half the house would be bought as a wrap arrangement. So there would be no need to guarantee any loan.

Second idea was if the partner was in a good financial position we would create a…[Read more]

Lee Underwood wrote:
Hey Terrw is right with regards to setting up a trust and assessable income. If you purchased an investment property in your name you might be able to set up a discretionary trust for the rental income it generates as a way to reduce your tax. Any thought Terryw? Cheers

FUrther to wilkos comments you could possibly lease…[Read more]

Worth making tje point twice!

Another thing to consider is utlising future equity

Would you be willing to guarantee a strangers loan? Or even a family members?

Would you be willing to guarantee a strangers loan? Or even a family members?