Joe, what about my comments? Seems you don't understand.

I haven't seen any banks require building and pest inspections before.And there is no requirement for you to get one to purchase this one. It is recommended though.

g0biin wrote:
Hi GuysI have asked this question before, however I wasnt satisfied with the answers. But maybe thats because I didnt ask the right question.So here goes again/I read in API mag the following."Another way smart property investors protect their assets is to buy them in the correct ownership structures to legally minimise their tax…[Read more]

MichaelA bit incorrect there. A trust is not really a separate entity. Legally a trust is the trustee. ie if a trust is sued it is the trustee that is sued. So a trustee can be personally at risk – this is why a $2 company is generally used. A trustee is often indemnified out of the assets of the trust. So a A is sued as trustee for the trust and…[Read more]

If you know a lot about property law you could draft your own contracts. But what if you leave something important out and then go to your solicitor after the purchaser has signed – you will be locked into a costly mistake maybe. eg. You come to the settlement period and the purchaser says they don't want to proceed now and is rescinding. You…[Read more]

keiko wrote:
Doing up a contract is basic. you could stop into a local agent and ask for a copy of a sales contract but most times they will try get you to sell with them.Next option would be downloading one of the net for maybe $20I get mine from REIQ, I'm not sure if the same company does them where you are.To sell your property I would…[Read more]

in NSW you could buy the standard contract for $19 or so.But then what? Do you know what special conditions needed? What searches to include? Expiry dates of searches. What boxes to tick, how to treat GST, land tax etc.eg. you may include one document which is over 6 months in age and this could mean the contract is invalid. That could mean the…[Read more]

Also consider tax deductibility.If you have cash available from a sale you would ideally want to put that off the home loan to reduce the non deductible interest and then borrow it again to increase deductions. Being such a high LVR will complicate things, but you could use redraw as a last resort.

There is no real need to actually meet your accountant face to face. It can all be done over the phone and email/fax these days.

I suggest you get both to sign the lease. maybe evens suggest they let you take some rent money at settlement – 6 months in advance??

I think that paragraph was referring to the trustee in bankruptcy.But a court can replace a trustee. In NSW this can be done under the Trustee Act. Just look at the Gina Reinhart case at the moment. Some of her children are trying to have the trustee (Gina) replaced.

Do you mean 'borrow' from a trust?A beneficiary can borrow if the trust deed allows it. Could be interest free or market rates depending on the situation.Have a look at this article from yesterday where a trust lent $14mil to a beneficiary to purchase a…[Read more]

certainly not free but a valuer can do a value as at a certain date in the past.

will need a valuer. Real estate agents cannot give valuations – unless they are also licenced valuers. 

You would have to work out a comparison on what the CGT would be on both. And then factor in the ooprtunity cost of paying the tax now on the one you sell or retain the exemption for down the track.If you rent the house out before living in it then the CGT is worked out of a time basis. If you live in it first and then rent it out you can take the…[Read more]

You could draw up the contract yourself on the back on an envelope. As long as it contains the 3 ps. Property, Price, Parties. You will also need statutory required searches. If you don't include the right searches then although you may have a binding contract you will have one in which the vendor can pull out at any time before settlement.Also…[Read more]

Since the offset account is just cash there should be no tax consequences how you pay for bills. Just take the cash out of the offset and pay or electronic transfer etc.

Are you saying you borrowed money and parked it in an offset account?

I think you need some expert and expensive advice which may save you a fortune.Cash in a company can be got at by borrowing, but there are strict rules regarding this. Division 7A. Need a written agreement and must charge certain interest rate etc.You would probably want a new trust set up and borrow from the bucket company and then build up…[Read more]

The purchaser.