Don't base your decision on a verbal report. too dangerous.

If you run your own business then why do you pay so much tax?Sounds like you need to read up on structuring and taxation and trusts etc.

Why didn't you order the building report yourself? It would have been cheaper possibly and you could have controlled it yourself.

You should learn from the mistakes of others rather than make your own mistakes.So keep reading as much as you can and keep on learning. Warren Buffett says the number 1 rule is the preservation of capital. So you don't want to put all your money into a dud property which goes down in value. Think of the effect this would have on you. The loss,…[Read more]

Sounds like you just don't have the understanding at the moment. What you should do is to find the highest paying bank acount and put your money there and save as much as you can, 50% of you income at least, in that.Do not buy any investment at the moment, but spend one year reading and learning – don't bother paying for any courses.This will save…[Read more]

1. It is legal, but you have to consider if the interest in doing this will be deductible. You should seek legal advice and tax advice and maybe even private ruling. If the dominant purpose is to reduce your tax then the ATO could deny the interest deductions.What you would actually be doing is selling your half to your spouse. He or she would…[Read more]

Thats the trouble with using a cheap solicitor. high risk for the client and themselves.

1. Solicitor should be advising you to get reports done.2. The contract will have a title search in it. How old is it? one will need to be done just before settlement to make sure that there are no caveats etc which could be lodged just before settlement. Will cost you each time a search is done.3. get finance fully approved before cooling off.…[Read more]

Now work out how much money you need and then how many properties (and/or other methods) you would need to achieve this and then a strategy to get those properties.

Spandex,that is a vague goal. Its like going to the airport and when buying the ticket saying i want to go overseas at some time in the future.If you want to speed up things you need to define wealth, ie set a figure and the set a plan on how to get that amount of wealth. (you don't have to put it up here though)

What a mess! The caveat is the least of your worries.You have to be very careful as you have probably committed a number of criminal offences. You could be charged with money laundering offences or fraud offences. eg s193C Crimes Act, 2 years imprisonment. You real estate agent could be charged as well. They would lose their licence if found…[Read more]

I knew one guy (who was an idiot btw) who had his main residence owned by a company (hence idiot!) and he was hit with land tax (naturally). He claimed to be a primary producer because he had one bee hive and thought this could get him off. OSR sent him a long letter asking him how much honey he produced, where he sold it, etc etc.

You would probably be able to claim a deduction based on the rate for the engine size x KM travelled for IP related matters

Probably around $200 per property from a cheap accountant

Sorry I am not familiar with QLD law. You would have to look at the Duties Act QLD and try looking at the rulings on the OSR site. Sounds like a generous discount.

Yes, you should always ask for an authority to back up a claimTR 2000/2  Income tax: deductibility of interest on moneys drawn down under line of credit facilities and redraw facilitieshttp://law.ato.gov.au/pdf/pbr/tr2000-002.pdf CasesFC of T v Munro (1926) 38 CLR 153Steele v. DC of T 99 ATC 4242; 41 ATR 139Fletcher & Ors v. FC of T 91 ATC 4950;…[Read more]

The company would (or should) be only taking in its capacity as trustee. ie no separate business outside the trust. So the company would have a nil tax return and the trust tax return reflect the business.It could be that the trust made a profit at some stage in the distant past and instead of distributing money to the beneficiary they just kept a…[Read more]

Generally trusts are not taxed as the income flows through it and to the beneficiary who cops the tax.Did the company make a loss or the trust? Is the company trading?I take 3) as the beneficiary having loaned capital to the trust. He is also owed $100,000 by the trust. = $120k owing, and he received $25,000 = $95,000 still owing.This may be wrong…[Read more]

No, original purpose doesn't matter.If you set up a LOC and tell the bank the money was to be used for a heart transplant for your nanna and then you just went out and bought shares using the LOC (and left poor nanna to fend for herself) then the interest would be deductible.It is the purpose the borrowed money is used for that matters in this…[Read more]

What State is the property in?I doubt there is a way out as Land Tax exemption is only available for main residences. It is usually assessed on 01 Jan too.