You need legal advice in relation to succession, bankruptcy, family law and most importantly taxation. You each may need separate legal advice too.

Sorry, don't know anyone down there.

Cancel the contract – then read it – and make a new offer after getting advice from your solicitor.

OMG a conveyancer advising on asset protection!

A conveyancer can transfer title but what about the rest. If you stuff it up you won't be able to claim any interest.

Why are you doing this?

You should not use a conveyancer as your need additional legal advice in relation to estate planning, taxation, equity, family law and insolvency, stamp duty.

In Vic it can be done with nominal stamp duty, but if it is being done for investment purposes any interest will only be deductible if one spouse borrows to buy the…[Read more]

Sash wrote:
Hi Finance Guru’s,

I’m have run into a big issue regarding my development. I have just had an extremely low valuation come in and the lender has not instructed the valuer correctly. The deal is supposed to be assessed as completed or end value and 3 separate units on 3 separate titles. Instead it has been valued as 3 on 1. Obviously…[Read more]

ChrisA1 wrote:
Many thanks Terry,

You jolted my memory about capital improvements. Could you please expand on the capital improvement and any implications from a tax point of view? 

The neighbour is organising the fence replacement so the quote (and receipt) will be in their name. Since I will be keeping the invoice/receipt to add to the…[Read more]

Yes def get it all in writing.

The fence would probably be a capital improvement and depreciated.

As long as you made no representations it will be difficult for them to get anywhere. Of course they could still sue you, but this doesn't mean it will go anywhere.

Michael,

There is an interesting QS/Tax question here which you may be able to answer if you have time:
http://somersoft.com/forums/showthread.php?t=85211&page=2

quote
lets say you had a rental property that was damaged and needed partial or full replacement. Insurance pays out and reinstates/repairs. Does your now higher depreciation on the new…[Read more]

CGT may not apply as your intention is to sell at a profit.

Unit trusts can only distribute income in accordance with the deed which will be a fixed percentage based on unit holdings. Maybe look into discretionary trusts.

kat13 wrote:
Nope no cash at the moment…..and I am off work for maternity leave.  My plan is to finish uni – June 2015 and then will be at work fulltime so can service any extra's in loans etc…hence why I want to do this at that time and not now.

In that case you will have little choice but to borrow 105% of the value of the new PPOR.

kat13 wrote:
Yep Terry it has its own separate account number.

Either way – it all still sounds do-able to this point.  I am just unsure about using the 90K as a deposit for a PPOR – that would then mean we are lending 100% to buy doesn't it?  

That is good news. It means it is not a mixed loan and can be paid off independently.

If you don’t…[Read more]

Paul B. wrote:
Terry/Jamie et al.,

If I were to turn my PPOR into an IP does the interest on the loan from that point become tax deductible? I recall you saying that it is only tax deductible if the purpose of the loan was for an investment (which it wasn't, it was to buy our home).

What happens in this situations?

generally, but not…[Read more]

Kat, does the $90k loan have its own loan number separate to the $280K?

You could possibly claim only a max of 75% of the interest on this mixed loan if it became and IP. Other expenses could be claimed in full.

Borrowing to pay out one loan is just refinancing. So if the original interest was deductible the new loan's interest should be deductible. Security doesn't matter for the claiming of tax.

There can be non tax advantages in doing this espeically where the titles are not in the same names etc. Someone may want an unecumbered property for some…[Read more]

This is more complicated than you think because of that $90k mistake.

The loan is currently $280k (rounding to make it easier). Of this $90k relates to the extra repayment. So your loan must have been around
$280,000 before you withdraw the $90k
$370,000 after you withdraw the $90k
and
$280,00 now that you have redeposited the $90k.

The $90k is…[Read more]

Mortgage exit fees have been abolished under the NCCP Act or regulations. You just have the discharge of mortgage fee now – and break costs if the loan is fixed

I don't know if there are any rules regarding there being only 1 lender to a SMSF. The assets of a bare trust can only be mortgaged or charged by one lender – I'm not even sure if this is the case actually. But a member can loan funds to the SMSF without security. This can be over and above the secured loan.

A member has to becareful with the…[Read more]

Do a title search and then try google and face book.

not_so_lucky wrote:

Terryw wrote:

not_so_lucky wrote:
Thank you all!!!

I've contacted a few accountants and they all recommend I see a different person … or do they?

These are the people they suggested I see, are they al the same???

property surveyor
independent valuer
quantity surveyer
property valuer

One of them suggested this…[Read more]