You can gift it to your wife – your share.

But, you should seriously consider some asset protection strategies when this happens. There are a few strategies which could be implemented cheaply and with potential tax benefits too.

And don't forget GST.

MRCCON wrote:
Terry, do you essentially get a "double deduction"? Is that possible?

Say, draw from your line of credit to pay for new carpet.

You claim depreciation on your carpet, as well as the extra interest on the loan?

Yes. And the cash you would have used to purchase the carpet would go into your offset account on your deductible home…[Read more]

Increasing existing loan to buy the new house won't mean increased deductions as it is private borrowings.

Is the house located in VIC? If so you could possibly sell to your spouse or sell your share to your spouse who could borrow to purchase. Cash released goes into the new home and interest on the loan is deductible. No Stamp duty in VIC and…[Read more]

Yes it is generally better to borrow to pay for all investment related expenses, including furniture.

Interest on money borrowed to invest is generally deductible, but this will also depend on how the transaction was structured.

At end of day landlord responsible to provide working toilet. But try to ascertain the cause. maybe tree roots? happened to me recently.

Maybe all in wife's name. Make sure you are able to change % without incurring stamp duty and you have to let your bank know asap.

On that wage you should be able to put heaps of cash into the offset so positvely geared. Wife could earn up to $20k no tax.

E Wolfe wrote:
thankyou Richard…which lenders would lend 100%? Are they banks?  After watching 4 corners last weekend and seeing people's life savings being robbed off them by investment companies that then go bankrupt, it would be very hard to know who to trust, especially if they were to offer to lend such a high amount, immediately I would…[Read more]

wilko1 wrote:
How about remortgaged ? Ie property owned for 10 years in smsf and then they start a new non recourse loan with another bank? 

Only refinanced to the exact same loan amount – same at date of refinance not the original loan amount.

Hi Ross,

You don’t need title insurance, but it is good to have if something goes wrong. Do a google on “black v Garnot” . No way to protect against this sort of thing other than lodging a caveat on exchange.

Conveyancers really are just for ‘conveying’ the title. lawyers can do this but also have more extensive legal training in relation to…[Read more]

The answer will be in the Duties Act QLD.

If NSW stamp duty could be payable if changing the trustee results in the beneficiaries of the trust changing. You should find the relevant section and also read your deed and see how it is worded in this regard.

You could also try wrting to the OSR and attaching a copy of your deed and see what they say.

What if the property you are buying is 'stolen'?

Or if a creditor of the seller where to put a writ on title after you exchange but before you settle such as in Black v Garnot? You could hand over the money and then not be able to register the title!

And, why are you using a conveyancer and not a lawyer???

You cannot increase a loan in a SMSF of use the equity in any way. super owned property cannot be mortgaged.

Charlie manly wrote:
Am I right in thinking you can setup SMSFs Terry? 

Yes, as a lawyer I can set up SMSF and provide legal advice, and I am in the process of registering as a fin planner so I will be able to give financial advice and provide a Statement of Advice (SOA) as well (soon). I can also provide taxation advice and estate planning…[Read more]

And if you are a member of the Taxation Institute you may have Taxation in Australia journal:
Wallis, Chris 2012 Accountants cannot give legal advice: what that means for them, their clients and the lawyers Taxation in Australia Vol 45/10

http://www.justtax.com.au/documents/0010ip_bluejournalmay11wallisarticle.pdf

Which is online
http://www.justtax.com.au/documents/0010ip_bluejournalmay11wallisarticle.pdf

Anthony,

What legislation are you basing this on?

Consider s 14 LPA in NSW
http://www.austlii.edu.au/au/legis/nsw/consol_act/lpa2004179/s14.html

(1) A person must not engage in legal practice in this jurisdiction unless the person is an Australian legal practitioner.
    Maximum penalty: 200 penalty units.

and s4:
"engage in legal practice"…[Read more]

You could try house of wealth in Sydney CBD.

What is best for him probably won't be best for you.

Would you sell a option to him for a $1 for example? Have the property tied up for a long period without any benefit to yourself, other than $1. you could let him take an option over a shorter period and hope he finds a new buyer to sell to, but you could do this yourself.

You could sell it to…[Read more]