Coota wrote:
Have emailed a letter of offer to an agent  for x dollars which is valid until 5pm Jan 30th,true to form agent has come back with reply below

We will need to provide your offer to the vendors for their consideration as it is below asking price.

In order for your offer to be given the very best chance of acceptance we suggest…[Read more]

Catalyst wrote:
That's why I got you to do mine Terry.

Well, I hope it won't be needed for many years. And, I wonder who you really are Catalyst????

Wills are another DIY thing that the individuals usually stuff up, or do in a less than efficient manner.

Wonder how SMSF trustees ended up investing in these. Wonder what sort of commissions were paid to advisors.

Lawyers actually make more money from the home drafted wills or the will kits as they often lead to expensive litigation. Supreme Court action is not cheap.

I've seen several people set up trusts incorrectly. They thought they may save money by doing it themselves but each time it has resulted in tens of thousands of dollars in lost tax, legal advice etc to fix.

Looks like the content of that post has been copied from
http://www.barclaymis.com.au/?page=item&title=Break-Lease-Fees-are-Fixed

A miight be better to sell the land to his builder friend after the house has been knocked down because the value would be lower – probably wouldn't work out if you were intending to finance it etc.

not_so_lucky wrote:
Tell me about it
Although the Stamp Duty topic is not about me. Phew!

With the investment property, if the person has owned it for 10 years, but has only lived in it for 5 years, the other 5 years it just sat there, wasn't being rented out or anything. When the person sells the house, will they have to pay 100% of the CGT…[Read more]

Antonio Santolo wrote:
T
Why not shame him, it will help others from getting treated like that.

I’d get some legal advice before doing this

I do some work for House of Wealth sometimes and would recommend them. http://www.houseofwealth.com.au

What probably happened was that money had been built up in the trust by investments etc and this money was lent to them as beneficiaries. This is hardly tax avoidance. If I lend a friend money it is not tax avoidance so why would this be tax avoidance?

If there is no growth potential there is no point.

I am a solicitor specialising in wills and estates and CRJ is pretty much correct above.

A will can be changed anytime, providing the person has capacity to do so. When you do your will you should probably conisder that there may not be an opportunity to change it. It may also be partially changed by doing a codicil which is like an annexure. You…[Read more]

wilko1 wrote:
Terry, I guess if this lender was to only lend to unit trusts over discretionary trust. What happens when it's the family trust that owns the units of the unit trust?

It depends how deep they dig and who the trustee is of the unit trust. They are not really a lender that would be used anyway and this is an unusual policy.

Wait – are these good investments? What is the return after expenses. Would you be better off  putting your money in the bank?
What is the CG or loss potential? Think of the opportunity cost. tying up your money. Could you use a SMSF?

Think about other entities lending you the money too.

Yes, the broker is probably aiming for a 4% commission on any house you purchaser upon picking up your photos.

I have a friend who repossess property for the banks and he is saying that a lot of the lenders are giving much more breathing space to people defaulting now because they are worried about repossessing too many properties at once.

wilko1 wrote:
I've been trying to chase up a answer for this question at most of the big banks but cant seem to find someone who actually knows what they are talking about.
My question is Can i use trust income ie family trust to borrow money even if the distributions go to other family members for tax purposes. I thought this would be a pretty…[Read more]

Prob not a good idea, generally, to own appreciating assets in a company – 30% flat tax, not CGT discount and inflexible. What about all the franking credits with shares? Would largely be wasted.

I would look more closely at trusts.