If you are marketing to other investors you have to be careful and make sure you meet the requirements for licensing under the Corporations Act if necessary.

You have to look into the laws of the country you are buying in. It is unlikely that a trust will be recognised overseas so it will be the legal owner which may be the trustee. But this will depend if a foreign entity can be registered in that country.A SMSF could buy units in a unit trust under certain circumstances. But if the property was being…[Read more]

yes

Contact the osr to register

What do u realistically think the land value is?

Its your responsibility to register and pay for land tax if required. SRO is a state govt department and ATO is Commonwealth so they don't work off the same tax returns of work together but they do share data. There are also different rules such as the absence from your main residence exemption with state laws being much tougher than the…[Read more]

The property was probably sold under market value to a mate of the agent or conveyancer.

So are they proposing you buy the investment property solely with the LOC and that it wouldn't be used as security?

So are they proposing you buy the investment property solely with the LOC and that it wouldn't be used as security?

That is still a fair bit of money left and will probably take you a few years to pay it off so it may be worth looking into changing loans. The redraw fees look too high to work around.Business in your own name can be risky – what if you have a contractual dispute for example and it goes to court. But since you are selling online the risks would…[Read more]

ElleYou would generally use a Pty Ltd company to run a business as this gives limited liability and opportunities to split income. What sort of business is it? Asset protection is important.How much is left on your non deductible portion to the loan? It may not matter too much, you might just be able to use redraw and just pay everything into the…[Read more]

ElleThere is a huge difference between and offset and redraw. It may work out the same in terms of interest, but there are whole lot of tax issues.I suggest never pay extra off a loan but always use an offset.And NEVER use a LOC for a loan but only to access equity. If you use a LOC it will be the same as constantly using redraw. You could end up…[Read more]

Hi WIPMSorry, I mean buyer doesn't pay the deposit.Off the top of my head I am not sure what happens, but think, in NSW standard contracts, that the vendor can terminate the contract if the deposit has not been paid in days after signing.Don't forget each state has different standard contracts, and these contracts don't have to be used, but…[Read more]

The vendor may have a change of mind after accepting, but there would be a binding contract – but they still may be able to get out if the vendor had not paid the deposit, for example, by the required date.

Indeed Pat!Why not ask them to please acknowledge receipt of this email etc.

that would probably be ok. fax and email – scan with signature if posisble

If you had no PPOR then you could have multiple offset accounts if you wished – eg you may want to save 20% of your salary into a separate account for budgetting reasons etc.But just watch out for fees.But if you had a PPOR then i suggest 1 account so you can be the maximum interest and tax savings.

Well, it could be and it would usually stop there.But with contract law there only needs to be a few things for a binding contract relating to land:1. Price2. Parties3. Property identification4. I think it is the 4 Ps – can't remember the 4th one though!So if a letter of offer contains the names, address, price etc of the property then this could…[Read more]

Sometimes it is better to sell and then take the money and set yourself up properly and more tax effective next time. Don't be too hard on yourself as it is a common mistake and you have still done well.

jmsrachel wrote:
Have you signed the contracts? If not, you don't have to do anything. Happend to me last week. If you have signed contracts, the vendor must sign within 3 days otherwise the contract is terminated. This is the case for Victoria any way.

This is not necessarily true. The letter of offer could be the contract.To withdraw the…[Read more]

Its seems the original loan may have been set up well with an offset but not used correctly because you have paid down the loan to a large extent.This has locked the money up and it cannot be redrawn tax effectively.