You cannot settle while there is a caveat in place.

I think scully is right,. The caveat will prevent settlement from taking place. You lawyer should have advised you on the caveat being in place and an examination of the caveat would have revealed her interest in the property relating to a family law issue.She is unlikely to remove it unless the husband agrees to give her a share of the…[Read more]

I am an answerer!

Children can own real property under certain circumstances. But I doubt you will find a lender willing to lend to them.You could buy a property as trustee for your children, ie a bare trust. Your name with them as the beneficial owner. When they become 18 you can transfer title to them without stamp duty and CGT applying, generally. But again you…[Read more]

nope

i doubt it. Most lawyers don't even know about it.

see s30 Duties Acthttp://www.austlii.edu.au/au/legis/nsw/consol_act/da199793/s30.html

What state is your land in?

You would lose any main residence CGT exemption with the trust, so this may not be ideal if you are buying with the intention to live in part of it.What you could consider is to buy it in your name jointly with a trust. You would set up a deed of partition so that you each own the same percentage as the final carve up of the block, then when…[Read more]

Your agent should not be providing legal or taxation advice. Make sure you try to get it all in writing from him, just in case he is wrong. I'd suggest you not use a conveyancer but a lawyer too.A nominee is someone who you may nominate later. The contract is in one name, but you want the title to be registered in another. This has stamp duty…[Read more]

But if there are less investors buying then there will be more owner occupiers buying and therefore less renters?I think the main effect may be a decrease in new properties being built as investors would be less inclined to invest in construction. However, most developers would not be negative gearing anyway so maybe this won't be effected.

If you live in A then you would have lower or no interest to pay.If you sell you would be up to CGT. maybe sell one each year if you decide to sell (to lower your income). Work out the CGT implications of selling.If you buy a new PPOR you will be paying a large mortgage (unless you have cash) which won't be deductible.

BJ has pretty much covered it.One of the major disadvantages of a trust is that you cannot claim any loss of the trust against your personal income. In Chris' case there is no loan or personal debt and $20k in savings so I think it would be a good idea to use a trust.This is because any spare cash can be gifted to the trust (asset protection and…[Read more]

That is ok.Once you pay off the LOC you can then withdraw funds for a deposit on the next IP and to pay IP related costs. But whatever you do don't deposit wage or other income into the LOC. Use an offset account for this and then just pay the interest of the LOC every month.Otherwise you will end up with a large loan with interest which you…[Read more]

It would be a bit of a hassle with the lender and the conveyancing, but you could do 10% per year for 10 years even!BTW, if the house was owned by a company as trustee for a unit trust then you could just transfer a few units each year without any stamp duty and without changing the name on title.

Yes she can. But CGT would be at market rates and stamp duty would also probably be at market rates. However, you should ask a tax expert about the ATO and part IVA  (may disallow it if the dominant purpose was to save tax).You may also want to look at the wife selling you just half of the house as in some states this may entitle you to transfer…[Read more]

Hi Calebsorry to hear about your accident. $500,000 is a lot of money to have and you should therefore do some careful planning and seek professional advice from a good lawyer too. I think there are many things to consider such as asset protection for that $500,000. Implementing some strategies now could help save you money years down the track if…[Read more]

Yes, there is still a point to have a company as a beneficary as hte company will pay a top rate of tax at 29%. It can then hold on to this for years and re lend to the trust or distribute to you later when you are on a lower tax rate.

Yes, i dont now of any restrictions for permanent residents either.

Hi CarolynThere are many issues here. A major one being protecting your interest when you deposit the money into the offset account. You have to think about your asset protection as well as consdier the asset protection of your son later if he was to ever get into a family law dispute etc.One way may be for you to gift to a discretionary trust…[Read more]