And look at this graph showing average life expectancies in Australia. Each year it is increasing.

http://www.aihw.gov.au/australian-trends-in-life-expectancy/

In 2010 average female life expectancy was 84 years old! In another 40 years this may be up to 100 years.

100 doesn't mean you will be a 'vegetable'. I recently watched a british TV show about peole over 100 and they were swimming, going out and one was even running in marathons!!

jmsrachel wrote:
At what age can you have a mid life crises? I'm guessing 35?

Only if you expect to die at 70!

My mid life crisis will happen when I am 50.

I think Dan (aka disco Stu) from this forum is in Adelaide. Dan is very knowledgeable about tax.

Were the borrowed funds used to buy the house? If so the interest on the loan may be deductible if the house is rented. So it may pay to move out now and rent something cheaper so you can quickly save some tax.

At the same time speak to a broker about refinancing. It should be possible to get a lower rate at that LVR.

Selling is an option, but…[Read more]

Buzzer wrote:
Hi All,

I just thought I'd give a quick update on what I've been up to. I arrived back from Florida just over 3 months ago and have been trying to find the time to write this update, but haven't managed to find time until now!

I spent about 4 weeks in Florida, most of the time in Jacksonville. A little time in Gaynesville, Miami,…[Read more]

lisainmelbourne29064 wrote:
Hi Jamie,

Since I purchased the house in 2008, the market commenced dropping and the last year has been the worst by far as the growth is now in the negative.

If I sell the house for the same figure I purchased it at, when I repay the loan and pay the agent fee I will be facing a loss of at least $33,000.

I have…[Read more]

Yes you can, but why?

Problems:
little asset protection
stamp duty
CGT
legals
Need to discharge loan and reapply

I will offer you an option to buy it for $1.

There are 4 other Sams on this forum trying to sell the same pack.

PEACHY wrote:

Sooo just had lengthy conversation with plumber number two.

 Definitely is a hot water leak and he said that it is leaking at around 1L per 10s. Said that he may have been able to detect a hot spot if the water was still running but as there is a valve that the  plumber installed yesterday to enable the tenants to shut off the…[Read more]

If you set up a unit trust with your daughter as unit holder she would have to pay tax at 66% on her income from the trust. The trustee would have no discretion not to give her income.

Also, lenders require all unit holders to guarantee the loan. So I am not sure how they would treat such a situation. May not be possible to get finance at…[Read more]

You sound confused.

If you wife buys property you cannot claim the interest or any deductions – or anything.

If you buy in a unit trust you cannot claim anything either. If you borrow to buy units in a unit trust then you may be able to claim the interest. Is your daughter a minor? This will complicate things.

To set up a structure like this…[Read more]

Whats your plan?

Probably best to borrow money for it as it will be income producing.

Take great care. If the trust is not set up properly then only a small portion of any interest will be deductible, or possibly none at all.

Finance will be difficult.
Borrowing in your own names won't remove the difficulty in getting finance as the bank will be looking at the structure. It is likely the company will be the owner and the loan…[Read more]

If your accountant said that he is wrong.

I assume you are looking at a unit trust? If a person borrows to buy units in the trust then the person may be able to claim the interest on the loan used to buy the units if the units are income producing.

If you borrow money to give to someone there is no ability to claim the interest because there is…[Read more]

That could be a dangerous assumption!

Not sure what you mean. I guess you mean 'lend' and not borrow. But still confusing.

Why does she want to borrow in her personal name?

(Trust name doesn't go on title, it is the trustee's name that goes on title).

Which method would make the more money?

And also your friend is biased so don't believe what he says without thorough investigation.

Do you have a judgment?

If so then look at enforcing the judgment. You can do this by seeking further court orders to seize property of that person – bith real and personal. Start by going to the local court and picking up a few of their brochures and ask them for assistance on how to get this order.

Jamie M wrote:

Terryw wrote:
Doesn't sound like a mid life crisis as you sound young!

Maybe it's a third of life crisis

I was accused of having one of those when I bought a two seater sports car a couple of years ago….not the most practical family car but the 6 year old loves being taken to school in the "racing…[Read more]