Where did you live as your main residence?If you moved in 1 jan and out 30 april then you haven't lived there 6 months so wouldn't qualify for the FHOG.

FHOG and CGT have different requirements.The requirement for a FHOG is that you have to live there for 6 months which you appear to have done.The requirement for the CGT main residence exemption is that the property has to be your main residence or was your main residence and you are temporarily absent.Couples can only have one main residence…[Read more]

No. You should be using a 100% offset account attached to your home loan to save non deductible interest.

Definitely.If you start paying PI that means you are diverting funds from your home loan (what you could have been using to pay of your home loan). Remember home loans are private expenses so the interest will not be deductible like an investment loan

I missed something basic above.You cannot have the custodian trustee the same as the SMSF trustee because of the principle that one cannot hold assets on trust for oneself.Also the custodian company cannot be a special purpose company.

Jason, if you want to learn about asset protection then I would recommend the Trust Structure Guide 2012 also from the tax institute. Costs a fortune though.

Considering there could be savings why not just commission a new valuation yourself and tell the valuer what you want it for. A valuation coming it higher could save you a few thousand in CGT. If it comes in lower don't use it!

I should point out that the notion estate orders are part of the family provision section of the Succession Act in NSW and they only apply after the death of a person. What these orders mean is that assets that were associated with the deceased but now owned by them or not falling into the estate can be deemed to be part of the estate. This…[Read more]

Sounds like a capital expense to me and therefore only can depreciate.What are they worth?

You may be confusing the 50% CGT reduction which is available for assets held longer than 12 months.For a main residence there is no minimum period in the legislation in which you must live to avoid CGT. But the main residence exemption is not available for vacant land.But if you are building and move in as soon as practical after completion and…[Read more]

Hi RobI am interested why you say 'especially in NSW' above – were you contemplating the notional estate orders under Family Provision cases?/Also keep in mind what can happen if you make things too elaborate. Take the late INXS singer Michael Hutchinson as an eg. He supposedly hid assets overseas with nominee directors and trustees and then when…[Read more]

Do you have the valuation?

There is.And that is not to enter into a relationship!

It would be extremely dangerous for a purchaser to buy something like this on vendor finance. The bank could take the property and the purchaser left with nothing.If a purchaser did buy then they could only transfer the title into their name if the vendor is able to pay out the mortgage. Or if the bank is willing to take a hit.They would also need…[Read more]

Residential houses are generally GST exempt so there is no GST on the sale – except for new property. The definition of new includes properties substantially renovated.If your trust is registered for GST then you could claim the GST on the items purchased if you were substantially renovating the property but if not then you could not claim any GST…[Read more]

Your mum would be a beneficiary of the trust and the appointor so it would affect pension.The proceeds of the sale should probably be made out to the trustee of the trust – which name is the trust bank account in? Seek legal advice first.

jenny111 wrote:
it is not really Mum's money, so I don't want the cheque to go to Mum's name. I definitely want it to go the trust name.  Do settlement/conveyancing solicitor must make out the cheque with the trustee name, or usually the trust name alone is sufficient?Also, making the cheque to Mum will affect her pension, which of course I…[Read more]

Its not the trailing commissions that is the problem but the fact that most banks will require the broker to give back the upfront commission if the loan is discharged within a certain period. One lender this period is 3 years, most it is 18 months.

The $20k debt doesn't increase your value!!!Hopefully your value is $500,00080% of this is $400,000Existing loan of $320k nd $20k peronsal loan joined = $340,000Set up a LOC of $60,000Total loan $400,000

Purchase?Is there a real estate agent involved?LVR?