Boyd Property Group wrote:

You can gear your existing property easily by transferring the equity into your PP (the new home) and then using that homes equity as security for your old house which is now able to be geared 100%

You are implying there is a benefit to this. I cannot see any tax advantage as the deductibility of borrowings…[Read more]

Boyd Property Group wrote:
Hi Leo,

You are correct your existing house could be sold CGT free but if you want to rent it out from this point forward there will be partial gains to be paid in the future.  For example if you lived in it as your PP for 10 years and you paid 300k for it and now it is worth $550k then if you sell now you take the…[Read more]

First thing to do is get a copy of your credit file. It is likely you will have bad credit as well as your wife (by the sound of things). If so you will need to wait and/or get a much larger deposit.

On those numbers it is probably best to sell.

If in VIC you could sell to a spouse in full or part and avoid stamp duty. In most other states stamp duty would apply.

Ideally you would have a 100% offset account set up on the $150,000 loan – if you are going to be living in the place long term then have the loan PI if just renting it out for 1 year there is not going to be much interest saved by switching to IO so you may as well just keep on ploughing money into the $150k loan to get rid of it asap.

It is fun, but very complex too.

You mean conveyancer? In NSW we have lawyers and conveyancers doing property. In WA I think Coveyancers are called settlement agents but they are not lawyers and are not legally qualified to practice law.

JacM wrote:

Terryw wrote:

JacM wrote:
How much do they owe you? You can get a company shut down if it owes you more than $2k and doesn't pay up. I remember Terry mentioned it once

JacM are you referring to s459E of the Corporations Act?
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s459e.html

Issuing a  statutory…[Read more]

renel wrote:
My settlement agent is reffered to as the conveyancer

Maybe thats the problem!

What if one came in with $3000 more in tax deductions – how much would that save you?

JacM wrote:
How much do they owe you? You can get a company shut down if it owes you more than $2k and doesn't pay up. I remember Terry mentioned it once

JacM are you referring to s459E of the Corporations Act?
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s459e.html

Issuing a  statutory demand?

Don't use a company as there are adverse tax consequences.

You will probably need to set up several structures revolving around discretionary trusts.
If you were in Sydney I could speak to you further about this.

Hi Jaideep.

Sorry I though you must have been Thai because "Jai Dee" in Thai means kind hearted so I thought your user name was trying to say you were a kind hearted property manager (pm).

Terryw wrote:

ankitjain wrote:

A) If a person does an individual SMSF then property overseas is in the persons name
 

It is not possible to have a SMSF with one member who is also trustee. This is because you cannot hold property on trust for yourself so such a trust would fail. (SMSF is a trust).

My wording was a bit vague here.

I…[Read more]

Your lawyer should be able to draw one up for you. It is a simple deed outling the gift and its terms. You could probably do one yourself.

Wonder where Jessie got that advice?

That was the second post in one day saying the same thing.

You need a lawyer to provide legal advice and to do the conveyance. You should hire them before you sign any contract.

Ideally you should have done a deed of gift.

If you were to go bankrupt the trustee in bankruptcy may look at your bank statements and query the transaction. You would say it was a gift and they will argue that it was a loan and is due back to you. You could produce the minutes of the trustees showing they accepted a gift from you.

You mention…[Read more]

If you are owed money you could sue them for it.

The Dark Knight wrote:
Thanks for the link Brady5 its got me thinking just a few questions for the pros on this subject out there.
Can you withdraw the profits if you bought a cashflow positive property or do you need to reinvest it within the superannuation limits?
Also how does the members thing work? Can unmarried partners pool their…[Read more]