As is exercising an option.

Granting an option is a cgt event.

make sure you get legal advice before signing contracts otherwise this commission could be passed on to you

you cnnot renovate using borrowed funds but it is possible using cash as long as you dont change the nature of the property.

It may be possible to take the agent to a small claim court and it may be very cheap to do so without much financial risk. But consider what could happen if there was an appeal to a higher court. Things can escalate.

When you go to court you generally lose, even if you win

Freckle wrote:

My understanding is that within the British realm legal precedents are transferable between jurisdictions. The Auckland case was a bank (who owned the mortgage) moving to protect the asset assigned to the mortgage. My guess is that it may well set a precedent acceptable in Australian courts.

Foreign judgments are not binding…[Read more]

DaveS wrote:
Hey Guys
Have just done a quick search and came across this thread and as I am just about to use some of my equity in my PPOR to buy an IP I thought I'd better ask to make sure I get it right first time.  Here's a little information about my situation – I owe 340k on my PPOR which is worth about 520k.  This mortgage has a 100%…[Read more]

Freckle wrote:
Interesting..

This is largely contract law (tort) unless specific legislation covers aspect of this disagreement. In the main during a contract dispute an installer of (whatever) can't simply walk in and reclaim the goods even if it states he can on a contract. He still has to get a court order to clarify the situation and where…[Read more]

small business concessions possibly.

double post

you need to get specific advice.

the agent is your agent. you have given them permission to act on your behalf. if they have done something exceeding their power then they can be personally liable. but what are you seeking in this? was the hotwater system too expensive and do you want a reduction? legal fees will exceed the cost of the hws.

the plumber probably has clauses in…[Read more]

there are no books devoted to asset protection for australian readers. you could try the trust structure guide which has a lot of relevent material, costs about $250. you should read the bankruptcy act in its entirity and relevent parts of the corporations act and conveyancing act in your state. alos succession act and trustee acts. family law act…[Read more]

Probably cross collateralised, or used a LOC for the deposit etc

These were from my notes, the URL has probably changed

Try searching http://www.ato.gov.au/rba/disclaimer.aspx with the PBR number.

I didn’t keep copies, so hope they are still available.

There are also a few private rulings out there where the ATO actually said it was ok – these only work for the individual that applied for the ruling. Might be good ammunition to rely on though if you try the same.

PBR 94313 http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/94313.htm
PBR 93035…[Read more]

Guys,

Why not charge a nominal sum of $100 to $500 for your services. You could have this rebated if the client’s loan settles. Once someone has paid some money they are more likely to stick around, even if it is just $100.

Alex SC wrote:
Just dealing with a client now who is using a super fund to purchase .Correct me if I am wrong the Super fund can send money to LLC  which is set up in states then the LLC can purchase the properties.

We are currently dealing with a Client who is using a super fund so new to us. This clients has over 20 homes in the USA purchased…[Read more]

See these

FC of T v. Brown 99 ATC 4600; (1999) 43 ATR 1
FC of T v. Jones 2002 ATC 4135; (2002) 49 ATR 188

Yes, this can be possible. There is a precedent case involving a person who borrowed to buy a business and the business went bust – company in liquidation I think. They were able to keep claiming the interest.