Business names are different to trusts. A name is not a legal entity and is really just a name. eg you can trade as ris4rob if you register this name – but the entity will be yourself. or you could set up a company ALB Pty Ltd and have this trade as ris4rob.There are many issues surrounding structures with lots to consider. What you may be…[Read more]

Hi Anthony,Yep, was referring to s 66(3).I was just wondering because I have a friend who leases a land and has constructed a commercial builidng on it. A fin planner had suggested he sell building to his SMSF (but not the land). I pointed out that this would breach s66 and the business real property exemption wouldn't apply (lease cannot be…[Read more]

Thanks Anthony. Very interesting. Do you think the ss3 about entering into a scheme could apply?

I don't know much about super, but am slowly learning more.a SMSF is generally prohibited from acquiring assets from a related party. A trust or a company would be a related party. There is an exemption at s66 SIS Act for the transfer of business real property – but this would only apply to non residential property.I have heard a strategy of…[Read more]

21 – minimise tax is number 1 for me.

Hi WayneYou are in a bit of a problem it sounds. I dont think you would qualify for finance on those figures and that situation. You need to act quickly as you run the risk of not being able to settle and losing 10% deposit and more.Quickly go and see a few more brokers to be sure about the finance issue. If you cannot get finance you may be able…[Read more]

licence to occupy.

Sounds strange to me.So a Borrowers Agent (BA) would charge the client a fee for finding a loan for the client. This loan would be the best option for the client with the BA unswayed by commissions or bonuses offered by the banks. The BA would then refund any commission to the borrower despite not receiving a commission so as not to be swayed.

Hi GregYes, it must happen. but I agree that calling yourself a borrowers agent won't solve it

You will also need to obtain a credit licence or become an authorised representative of a licence holder. You will then need an aggregator.I don't think you need a cert IV and a diploma, just one or the other. (but cert IV usually is half a diploma).I am a solicitor and just in the process on becoming a broker as well. I can make some suggestions…[Read more]

So you are saying a broker 'works' for the bank and a borrowers agent for the client?

Ah, the legendary mortgage detective!I am just off going to the doctor now, oops I mean my medical agent. 

wots a borrowers agent? Sounds like another name for mortgage broker!

propertyboy wrote:
I purchased a house in victoria for 745k and with stamp duty and all legal costs etc it came to 780kWhen I do my tax, can I calculate the interest paid for negative gearing purposes on the whole 780k (if I took a loan to pay for everything) or only on the purchase price component of 745k? I am paying interest back on 780k.My…[Read more]

There is also the Limitations Act VIC to consider. It may be too late to bring a claim now – generally 6 or 12 years is the limit.PB, have you seen a lawyer about this?

Prenups, of binding financial agreements can be set aside in some circumstances such as if there is a major change in the situation of the couple. e.g. new children and this wasn't covered in the agreement. etc.It may also be possible that it wasn't done properly such as not signed off by a lawyer etc.If that is set aside then she may be able to…[Read more]

There might be a will in place, what do you know what it says? Wills can be revocked by marriage or by doing  a new one and he can make a claim no matter what is in the will. It would go to court if he challenged it but you can always negotiate out of court. But lawyers would be involved and it could be costly. I was one a similar case a while…[Read more]

You should also make sure she has a good will in place.The defacto will have a claim on the place in the future whether he is in the will or not. But still good to have one.

Best to talk to a solicitor such as myself.Transferring assets quickly may give some protection. Especially within the first 2 years. But the family court has wide powers over third parties and your mum would be transferring property with the intent to defeat a claim on it. So if he were later to challenge the transfer it would be weak and he may…[Read more]

Just get a spreadsheet for the proeprty.Work out the income for the property. ie the lossThis loss is then added to other income. So you can work out, from the ATO calculator, what the tax payable on the income is before the loss. Then add the loss and work out again.This will enable to you work out how much the tax you saved because of the…[Read more]