You should look at getting some legal advice as there are some strategies you could employ.

Selling – agents commissions 2 to 3% sometimes this includes advertising. Negotiable. You will also need to use a lawyer or a conveyancer for the sale. Oh and commission is payable on the sale price.

You should also look at the terms of the will. If your…[Read more]

Why not get both and use the best one?

1 should be sufficient.

You can actually claim expenses out right even if you borrow to pay them. You are looking at interest on borrowings which would be treated differently.

weathjess wrote:

So I am about to redevelop a property I own. The bank will loan me some of the money, but there will be a short fall so I will borrow money from the SMSF (documented in the SMSF plan, and interest will be paid monthly).
 

How do you overcome the law that SMSF are prohibited to lend to members or associates of members, s 65…[Read more]

jaideepm wrote:
Hi Guys,

Am pretty new to property investing and know very little about the how SMSFs work, but going through the thread i understand that the biggest hurdle is that no lender overseas would be willing to lend based on the regulatory requirements in Australia. My question then is what if there is no lending involved or if the…[Read more]

Thats your first problem – not using a lawyer.

Why are you being issued an invoice if you are paying a deposit.? Where is the money going to?

Why are you going to a bank for advice re setting up SMSFs? They wouldn't know much about this area.

jmsrachel wrote:
I bet the bank won't lend, too high of a risk

My bank is willing to lend me up to 80c to buy that land. I am looking for a JV partner to finance the remaining 20c.

Stamp duty must be more than the land too!

Never lend any one money – unless you don't expect it back!

Rory Breaker wrote:
My accountant wants to charge $770 for set up of a discretionary trust.  Is this a good price?

What ongoing costs can I expect come tax time?

Is it a good trust deed? Does he know what he is doing?

ok, I admit defeat! Change the word 'many' to 'some' in my post! I know of at least one that has a minimum loan size.

You say you want to borrow $340,000 on a place valued at $350,000  and will be selling a house for $560,000 with a mortgage of $350,000.

The sale should net you $200,000 which you could use for the current purchase.

Could be doable from equity pov. Income seems ok too.

Best to speak to a broker.

$50k probably aint enough. Many lenders have a minimum loan size of $200,000.

1. Do you want to purchase from a SMSF? Or in a SMSF?

2. Do can't set up a SMSF as a company, but you can have a company as trustee and this is preferrable.

3. Not correct. If your SMSF sells CGT is charged at the rate of 15% or 10% on assets held more than 12…[Read more]

I think the 6 year rule could still apply if you are a non resident. But CGT is generally more for a non resident because no longer get the 50% discount.

And watch out for non land based assets such as shares. Becoming a non resident could trigger CGT as you are deemed to have sold them at that point.

There is a template in excel. Search on "amortization"

After using the new site for several weeks now my overall opinion is that it is that of all the forums that I write on this is the worst in terms of setup. Software maybe.

I much perfer the set up of somersoft forum. Not the content (well content too) but the actual board softtware behind it.

I know a few. But are you prepared to pay for the advice?

Its silly to pay down an investment loan while you still have non deductible debt, even if your investments are in trust and you have no income.

BTW, an adult can earn about $20,400 pa and pay no tax.

Trusts can distribute from one to another, but you must be careful not to distribute to a newer trust as you could infringe the laws against…[Read more]

Qlds007 wrote:
Thanks Ikhan for the positive endorsement on your first post.

Cheers

Yours in Finance

I see he hasn't stuck around very long either. 1 post! It makes you wonder doesn't it.

I am concerned about people just buying inferior properties because they are 'cashflow' positive. Over the years I have seen many people do this. One went bankrupt.

Cashflow positive is largely irrelevant. What you want is a good property that will make you money long term. What is the point in buing a property than brings in $20 per week if it…[Read more]