To sell the house you would need to pay back any loans which are secured by that house. So you would probably have to pay back the  equity loan too. That would not be good as you would have less cash for the new house.If the IP house has increased in value then you may be able to transfer the security of the loan to that house. OrYou may be able…[Read more]

I assume you are talking about life insurance?You could have the insurance paid to a beneficiary or into your estate. If into the estate then you could direct it to a testamentary trust. If directly to a person then no asset protection – eg what if they are bankrupt at the time you die. Getting it into a will or testamentary trust will enable tax…[Read more]

An insurance trust is a trust set up to receive insurance payouts. They cna be good, but some proceeds may be taxable.

First thing would be to read your lease agreement and see if the land lord is breaching any of the terms.If that cafe is really making people sick then surely the food inspectors would have something to do about it. They would be fined for repeated problems.

I don't know anything about USA law. But in Australia if a trust is not a legal entity so someone would need to sue the trustee of the trust. Trust law enables the trustee to be indemnified out of the trust assets so the creditors could get at the trust assets if the trustee was sued.If you were trustee of a trust and got sued for something…[Read more]

Go to the land titles office and do a search under their name. Then conisder there may be more than 1 person with that name.If you want to find company owned properties then you will need to do a seach with ASIC and find all the companies in which they are a shareholder and/or director and then do land titles searches on each of these companies.If…[Read more]

Expenses can generally only be claimed once they are paid.

Just make a list of all assets and liabiilities and what you want to achieve. Make a separate list of trust assets and liabilities, one for each trust.And make a list of super assets – each funds separate.Also, list any insurance polices and who the beneficiairies are.The solicitor should do the rest.Consider too- business succession plans-…[Read more]

Note, in some suburbs you may be able to receive the grant by moving a short distance to cross the boundaries. Newspapers report it could apply in some suburbs by moving a few streets.

Yes, The good part is that you don't decided now, but when the estate is being administered.Or you may want to take the PPOR as your PPOR because you can get the land tax and main residence exemptions, but you may want the rest in a trust for tax minimisation.

hi MayuranAvoid paying paying extra tax?I would imagine you could set up a bank account as trustee for your kids and place an amount of money that will make the interest come in under $416. Any other cash you could hold in your own account on their behalf.I am not an accountant and haven't really considered this before so I am not sure of the…[Read more]

Yes

Kids can earn $3333 in interest with no tax this financial year, and only $416 next year.

Ishtvan051 wrote:
Also my grandad is seeing a solicitor to find out who the appointers of the trust are and get it changed if nessasary. Also I have to get dad to write a will for his personal property held in his own name as in the case of the new wife. This will be done properly as you explained to me in the other topics. This will be m…[Read more]

Do you have a spouse on a low income? maybe a savings account in their name would mean no tax is payable.I suggest you just work it out – the different scenarios. eg $1000 off the loan means xx less interest = YY more tax. Is this great than the amount you would receive if you used the savings account?

SIS = SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993.A SIS dependent is defined at s10 http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html and s10A http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10a.htmlIshtvan, I think you are confusing yourself again. With super there are two ways to leave the benefits. A. Do a…[Read more]

Hi Happy,I am a bit confused by you first and second advices – how do they differ?If you buy your PPOR in a trust there are a lot of things to consider.- If in NSW then extra land tax may be payable.- loss of CGT exemption- ability to claim the interest as a tax deduction.You could possibly buy in your wife's name only. But this can still be risky…[Read more]

All members of a SMSF need to be trustee or, there could be a company as trustee.Other trusts will be separate from the superfund. There various tax and legal implications of transferring non super assets into super, but you could set up your trusts so that you can easily transfer assets into the SMSF later on as you approach retirement.

I haven't watched the video but think you are misunderstanding a bit.A super fund is a trust. A SMSF is a super trust that you set up yourself and manage yourself (often with other family members). Since the SMSF is a trust you can have the deed decide how the funds are dealt with on your death.

I wouldn't say that. It is a choice between getting more tax benefits now v getting them later. There are also the asset protection benefits and estate planning benefits of using a trust. It is generally too expensive to transfer properties to a trust later because of the CGT and stamp duty, legal and loan costs.