What state is the trust going to be set up in and what state is the property?

The $1800 per month rent would be income which is taxable – less the deductions. There will be no loan associated with the purchase of this property so there would be little to deduct. maybe $1500 in income after deductions.You will then have a $520,000 loan of which you will not be able to claim any interest because it is a personal…[Read more]

It could be exempt depending on:size,if was ever income producingif you wil be purchasing another main residenceup to 6 years absence.

depends on the circumstances – could possibly be exempt under s118.145 ITAA 1996

Yes. see http://www.somersoft.com/forums/showthread.php?p=871036#post871036

Legendtofski wrote:

Qlds007 wrote:
Legend like Terry i am slightly confused.If you then intend to move into this new investment property then the rent you receive on the current property with minimal mortgage will be added to your income and Tax paid on this. The only interest you will then be able to claim is the interest on the $20K…[Read more]

Legendtofski wrote:
Hi there,I have a property I nearly own outright (<$20000_ mortgage and am looking to buy an investment property I will eventually move into, my brother reckons I can do this, basically..1. Move back into my property and buy an investment property and rent it out and pay mortgage on it offset with rent on investment…[Read more]

You shouldn't be able to claim anything as the work will be private in nature.

nomad.I am a solicitor with a knowledge of estates. I can also speak Japanese. If you want you can email me what you have and I will look into it.An attorney has a duty to act in the best interests of the donor – so your sister in law may have grounds to sue if they have enriched themselves. As Rob says the POA ceases at death, but the executor or…[Read more]

Nice first post – Sorry to be cynical but you don't work for them do you?

Maybe you are correct. If one person were to stop contributing then their overall share of the SMSF would decrease as a percentage. But by combining forces this enables the fund to leverage and purchase some bigger assets like a property.I am not sure about voting rights – if a person's % decreases does their voting rights?? Probably not because…[Read more]

Don't think that is how it works.

Best to remove the discretion though.There are probably heaps more issues, but I cannot think at the moment. Oh, enduring powers of attorney is another. Imagine what would happen in one person were to be injured and in a coma. Another leaves australia for a year or so.

Oh, yes if you sell to a trust then no stamp duty exemption (I imagine).

Death is the major one.Imagine you and wifey die and the two brothers take over. If you do not have a valid binding death benefit nomination then the trustee of the fund will decide (to an extent) on who to pay your death benefits to.

In VIC you would probably be exempt from stamp duty (or just nominal) to transfer between spouses. What you would need to do is to arrange for your husband to purchase your share at full market value and then he could borrow to do so and claim the interest.So you need to arrange a valuation for stamp duty (but probably exempt) and CGT purposes.…[Read more]

Too late to can a refund then. All this changing banks costs so much when you add in the LMI.

Change lenders now and get it fixed up would be my recomendation.

LMI is not usually capitalised. Not many lenders allow this now I think. How long ago did you pay LMI on the first loan?

Are you worried about a possible future separation? if so then the courts can make property orders no matter whose name the property is it. Just maintain evidence on how you have contributed to it and not just financial- eg painting the front fence, dealing with an agent.