Hi Anthony,

Yes, I agree with much of what you had written. I had assumed you were talking SMSFs because you mentioned it above:
"Not many law firms have experience in depth in SMSF law because 99% only just discovered them."

I am a lawyer, but don't subscribe to the law society precedents (as I don't think they are very good).

I agree that…[Read more]

pvasi wrote:
Hi Derek
I found this article about CGT tax when renting your old PPOR residence, that I would share.

The tax rules now state that you have a period of 6 years to be away from your property, and renting it out, before you have to start paying Capital Gains Tax.  Whilst this sounds like a great idea, there are a few restrictions to…[Read more]

Yes, possibly.

Hi DaOne,

Sorry about the delay, I just found your email in my spam box.

Will call you tomorrow.

Terry

Dreams Come True wrote:
Hi Terry,

I wouldn't do options without legal advise.

My solicitor is one of the best on the arena in QLD. Spark is his last name, he has done  my Options as well as VF documents for  some of my clients and associates.

That’s good. I was worried with you said ‘nominee’. Do must mean you are assigning the option…[Read more]

tsarbla wrote:
Hi Pvasi,
Might be recapping on the advice you already have, but if you wanted the easiest solution in the short term at least, it might be to just redraw/draw a loan on your  rental place so you can move the money from that into your new PPOR, as there are no tax benefits from the interest you pay for your PPOR loan. Conversly,…[Read more]

DCT,

Are you sure about that with the stamp duty? Have you sought legal advice?

I do some work for http://www.houseofwealth.com.au in Sydney CBD. They are cheap and knowledgeable about tax in relation to property and taxation of trusts and SMSFs.

What about stamp duty?

Do a title search to get the transfer number and then get a copy of the transfer. Try landtiles office website.

Anthony,

This thread is about trusts in general not SMSF.

I’ve often wondered what authority accountants/tax agents or financial planners have to legally advise on the set up of trusts and SMSFs, but have never looked into it.

I know that under the Corporations Regulations recognised accountants, such as CPAs, CAs, or NIA members are able to…[Read more]

ankitjain wrote:
Hi, I have 123K in my super account. I wish to buy a property in india via my SMSF. I wont need any home loans. Do you see any challenges with this.

Regards
Amit

It could be possible with careful planning. All the normal rules will apply.
One problem will be the bank account.
Another issue will be doing the tax returns.

You might find LVR with a bank is much more limited than you expected. Maybe 60% LVR. Interest rate could be high too.

Why not try to fnd out what the vendor paid for it and when. This may enable you to estmiate what his mortgage is.He is likely to need cash enough to let him discharge the mortgage and the rest could be a loan to you – possibly.

Thanks Richard,

The solutions are to be aware of potential problems and ask yourself what could happen. You can't plan for everything, but you can plan for many things. It is just knowing what could happen.

Another potential problem is death (usually a problem to the deceased!). If you die any trust assets do not pass in your will. Roles don't…[Read more]

It is not just the deed that is important, but how the trust is conducted is important.

eg. I had a client which was a company trustee of a discretionary trust. The trustee had been giving mum a distribution for years. But this was only a paper distribution with no money ever paid over. It was what they call a UPE, unpaid present entitlement.…[Read more]

Anthony K wrote:
Hi All
Just noticed a small typo when I checked  my previous notes on 3/03/2013 reproduced below:.

You would need to study S71 of Sub-division C of SISA, –  In House Assets, and the anti-avoidance provisions in that section, also
SISR 13.3A, SISR 13.22C and D
SISA Sections
S52, S62, S65, S70, S109 and

IT IS HERE
SISA S173,…[Read more]

If there is a subject to finance clause and you notify the vendor before the end of that clause date then you may be able to get out of the contract, but this will depend on the wording. You may have to provide proof of finance with ANZ being rejected for example.

You could possibly deduct 3 years worth of expenses. I suggest you get a new accountant. Try james at http://www.houseofwealth.com.au

What is better tax wise will depend on time – so have a horizon to work things out.
Think of a lot of what ifs…

And tax is not the only thing to consider, maybe it is a minor thing.

If you sign an agreement subject to something occuring then if that something doesn't occur (such as finance approval) you can terminate the contract.