cam7702 wrote:
Sorry Terry, I shouldn't write posts in a rush!
I was talking about the original question Re. renting from yourself.
If someone was to rent their home out, to an unrelated party, then lease it from that party would this be OK. If you had the property on an interest only loan you could pay a higher rent and the unrelated party…[Read more]

This will only effect a small minority of people who have been getting good tax free income from their super. A superfund can earn up to $100,000 and still pay no tax, thereafter it is just 15%. So if the fund as a $200,000 profit it will pay just 7.5% just. Outside of super if a person earned $100,000 this would be taxed at 37%. A company would…[Read more]

No time limit in the tax act, but you need to consider the ATO guidelines. Must establish it as the main residence, not just move in briefly.

You can't use a council valuation for stamp duty purposes you will need a proper valuation done.

Why not just gift it after 01 July.  Installment contract? Option to purchase?

Why gift at all? What are you trying at acheive? Consider centrelink issues, stamp duty, asset protection, estate planning as well as CGT.

cam7702 wrote:
I suppose any negative gearing benefit would be stuck in the trust, which would negate the benefit if the trust had no other income.

What about the subleasing? I cant find any arms length transaction requirements as in SMSF.

Negative gearing is not a benefit! Its a loss.

If a discretionary trust owned a property and there…[Read more]

cam7702 wrote:
If you used a trust don't you lose the exemption on land tax?

What if you had some one rent the home from you and you sub-let a room from them?

This would depend on the type of trust and the state the property is in. Fixed unit trust in NSW for instance – unit holders get the land tax free threshold.
Discretionary trust in QLD…[Read more]

boshie wrote:
Hi Terry

Thanks so much for your comments.   In response:

1.  I will definately call the credit card company – considering the amount of interest we've already paid to them over the past year or so I'd like to think they would take that into account and work with us to help pay it off.
2.  I have spoken with the ATO and we have…[Read more]

Hi Barney

Get legal advice on the trust set up. RPI on the forum here is a QLD lawyer.
You could settle the money onto the discreitonary trust and then borrow it back. Depending on the situation you may be able to set up a special trust known as post death testamentary trust which may have some tax concessions.

You then can purchase the house in…[Read more]

Nicolas,

I don't think that is possible.

s0805 wrote:

Terryw wrote:

s0805 wrote:

Jamie M wrote:
Just had ANZ do 5.44% on similar numbers.

Cheers

Jamie

Hi Jamie,

No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.

Any other suggestions guys…..

Cheers

Write to them and ask for a payout figure because you…[Read more]

Possibly
see ATO ID 2004/407
http://law.ato.gov.au/atolaw/view.htm?rank=find&criteria=AND~instalment~basic~exact&target=J%20JA&style=html&sdocid=AID/AID2004407/00001&recStart=21&PiT=99991231235958&recnum=34&tot=3263&pn=ALL:::ALL

s0805 wrote:

Jamie M wrote:
Just had ANZ do 5.44% on similar numbers.

Cheers

Jamie

Hi Jamie,

No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.

Any other suggestions guys…..

Cheers

Write to them and ask for a payout figure because you are moving your loans across to…[Read more]

I will be running seminars on soon on North Korean property. After the war the value of prices will sky rocket.

I also plan to introduce fashion into the country.

The Dark Knight wrote:
I've watched a lot or murder shows….watch out for Mrs W lol

I’ve sacked my butler just in case.

The profits will be taxable.

I am worth $1.5mil…dead that is.

Yes it can be done.

As the house is in Vic your spouse can buy the whole of the existing property from you (no just 50%). This will release the full $150k which can be used to pay down the new PPOR loan saving you a lot of non deductible interest each year. There is no stamp duty payable in VIC on the transfer between spouses.
Cost will be small,…[Read more]

Get some legal advice before accepting.

A lawyer! trusts are nothing but a bunch of legal obligations and rights.

There is probably no reason to separate the loans for tax purposes at the moment. It would only be necessary if you were wanting to pay one loan down independently of the other – for example if you moved into one.