Pity the testator didn’t get advice before doing their will as it could have saved you a fortune.

Unless the will allows the transfer to a trustee will be a dutiable event and therefore attract duty. It will also be a CGT event – which may be exempt depending on the situation. There may be ways to avoid this, but probably not if the tra…[Read more]

Kevin you should probably start off with some books on property investing. Dymocks has a good selection

Yes that is right. It must have been the main residence first. The op said he lived in it for 9 years prior to renting it out.

In that case none of the expenses would have been deductible. But keep records of them as some of the costs could be used to reduce CGT when you sell – not the travel costs though.

In these sorts of places it will be hard to find a valuer or an agent.

Perhaps try one of the very big firms such as Herron Todd White. They may or may not be able to help, but may point you in the right direction.

Did you plan to build a main residence on it or an investment property? Is there a house on it now?

“3 years ago I used equity in land to buy investment property bonded that land with the investment”
Do you mean you used the land as security for a loan used to buy an investment property?

Income tax is a commonwealth tax so only one tax return for income in Australia.

They could claim anything – but if audited they need evidence of payment and what it was for. Why can’t you give an invoice? no ABN needed

I am a lawyer that specialises in structuring. If you want one in WA Brett Davies maybe a good one.

accountants, if they are tax agents, can advise on the commonwealth tax aspects – not land tax or stamp duty.

Yes there are various issues with getting a loan ‘in a’ trust. but generally it is not much harder than the individual getting a…[Read more]

Most accountants think they can advise on trusts and asset protection etc.
But when you think about it they don’t have the knowledge or authority. The tax agents act only permits them to give legal advice on commonwealth tax.
Asset protection advice involves knowledge of the bankruptcy act, conveyancing acts, family law act, equity, trusts,…[Read more]

Structure and asset protection can only be advised on my lawyers as it involves legal advice.
Do a search for ‘brett davies lawyer’ he also knows tax.

If the purchaser of the land incurs GST on the purchase and they are registered for GST then it may be possible to claim the gst back. But if the intention is to build residential property to rent out long term then you might not. if you claim the GST back and then sell within 5 years then you might have to make a GST adjustment and pay some…[Read more]

Gee, this is probably out of the conveyancers depth. Why didn’t you use a lawyer? Did you discuss the CGT and stamp duty, and GST aspects of transferring title?

If it is a valid partitioning of the land then you will each beneficially own the separate portions of the block and therefore family B should be paying for the fencing on their ‘lot’.

No, because it is not on their part of the land.

Was the land partitioned at purchase or has it been?

No one is correct because there is no correct answer. It is up to negotiation until subdivision occurs and then it is that owner’s responsibility – with the neighbours as fencing is generally shared.

But if I was family A I wouldn’t want to pay to fix a fence that I won’t get to be owner of.

Hope you got advice about stamp duty too btw.

Sorry to have offended you oz guy.

Can I ask why you were wanting someone to ‘pay cash component for the nomination’?

You mean you are trying to commit a crime – money laundering and duty evasion and are complaining that strangers won’t help?

Hi Danny

Sounds like you are an agent contracting with the vendors to me.

Lets leave the debate there.

So you act for the vendor?

You are missing my point it seems. You said you act for the purchaser, so you would have a contract with them. If nothing in writing then it would be an oral contract. This is a potential conflict of interest as you are representing 2 clients on the opposite ends of the same transaction.

What happens for instance if there are negotiations done -…[Read more]