Does the bank specify a clause in the NCC which prohibits this?What you have done is use a property you don't own as security. You are a director of a company which is a trustee. So you have various legal obligations and duties both in relation to the company and to the trust. The trustee has allowed you to use the trust property – but does the…[Read more]

Hi RichardI would think it depends on how far completed it is. If there no occupancy certificate it will be harder.

Yes,, may be limited to loan based on land valuation only.

will be hard to finance something like this.

Sufficient for what?See the link above for s118-145 . It can be left untenanted forever and still be CGT exempt (under certain circumstances).separately, If you are talking about income tax then if it is vacant and you are not advertising then you generally could not claim any interest during this period.

"The Property Services Compensation Fund (the Fund) was set up to assist people who find themselves out of pocket because an agent or conveyancer, in the course of carrying on the business of a licensee, has failed to account for money or other valuable property held in trust." 

Please explain?What exactly could be less than 3 months/?

$3000 is on the high side – especially for an accountant. Don't forget a trust is a legal arrangement and accountants cannot give legal advice.

Nil to $20,000. Probably around $1000 to  $2000 for an average price – set up by a professional.Stamp duty in NSW is $500Company trustee ASIC fee is about $426 plus cost to set up company

There is no 3 month time limit. You could leave it untenanted indefinitely and still claim the CGT exemption.see s 118-145 subsection 3http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.145.html

Avoid cross securitising at all costs. It is not necessary and can be avoided.

http://www.austlii.edu.au/au/legis/nsw/consol_act/lga1993182/s713.html

Depends on the wording of the contract. You could word it in your favour with all the money to come back.Don't draft it yourself but get a lawyer to do it.

There is no requirement to hold an asset for 12 months to make it CGT free. What you may be thinking of is holding for 12 months to get the 50% CGT reduction.Main residences are usually CGT free.

Not really any costs. No discharge of mortgage, no agents fees etc. Just conveyancing costs which are cheap in VIC.There may be CGT depending on when the deceased had purchased the property, whether it was a main residence or rental, how long since the death and who lived there etc

Terryw wrote:
An equitable assignment would be possible. But this would be a breach of mortgage agreement and a dutiable transaction.

It would also be a CGT event.

An equitable assignment would be possible. But this would be a breach of mortgage agreement and a dutiable transaction.

Very good point Cherie!All should encourage their parents to consider appointing an enduring attorney to look after financial affairs if they are unable to and also a enduring guardian to look after their medical and lifestyle decisions if they are unable to.Once capacity becomes an issue then it is too late and an application will need to be made…[Read more]

One of my mates just lost a lot of money from investing in ATMs. I am not sure how exactly but the company he had contract with went into liquidation.

LiamUsually the name on the transfer will be the same as the name on the contract. This is what is referred to by that phrase "in conformity with the agreement". If a husband signs in his name only and then the transfer is for husband and wife then this would be deemed to be in conformity with the agreement and only a nominal extra amount of stamp…[Read more]