4jojo wrote:
Hi,I have 2 questions.1.  If you set up family trust with corporate trustee, is that the same thing as setting up a family trust and a company?2.  If you set up a family trust, as a wage earner (not self employed), can this wage/salary somehow go into the trust?Thanks in advance.

I have 2 answers:1. Could be the same, but maybe d…[Read more]

Johnny1974 wrote:
If you did the "sale" / transfer for a nominal amount, say 20k (when really a half share is worth 150k) how would the ato find out? I dont get it, what if I did really sell a property for a cheap price, who is the ATO to tell me what stamp duty to pay. <moderator: delete language> there should be no stamp duty to encourage us…[Read more]

4jojo wrote:
HI,I've been trying to find this out – What if you have an IP in Vic in own names can you transfer property title over to family trust fund without paying stamp duty?Thanks.

I doubt it.

Yes, heaps of posts here.

Terryw wrote:
I think the definition of a boarder, from a tax perspective, is one that you charge only for the amount of money they use such as meals, electricity etc. If you charge over and above this then you would be making an income and would need to declare it.

see para 17 of TR…[Read more]

I think the definition of a boarder, from a tax perspective, is one that you charge only for the amount of money they use such as meals, electricity etc. If you charge over and above this then you would be making an income and would need to declare it.

In Australia you will need to declare all overseas income, whether it is brought back or not.You will have to pay tax over there, but should receive a credit for that tax when you do your australian tax return so you won't be taxed twice.

propertybee wrote:
I have just found out that the agent has excluded the conditions which will require the seller to rectify any structural defect on building inspection by not ticking it and just ticking the other condtions which was initialed by my son.(  The purchase is in my son's name),  Again, she was in a hurry, and refuse to allow me t…[Read more]

ALF1 wrote:
G'day Igino.There is NO GST on residential property. If you have any GST concerns may I suggest you visit the ATO site where you should have most of your questions answered.I hope this has been of benefit to you.Kind regards,

What about new residential property?

I have heard one bank will pay the loan exit fees on loans with CBA if you bring the loan over to them – possibly NAB.

I don't know much about partnerships and tax. If you sell to a company or trust you will still have the issue of tax as the transfer must be taxed at market value. But there are various concessions for tax on sale of a business.You may also be able to do it by slowly starting up from strach with the new company and slowly winding down the…[Read more]

st81hp79 wrote:
Hi Terry,Sorry for my ignorance, with a unit trust do you have to distribute income exactly according to the units you hold in the unit trust?If so, then I am better off setting up a DT with a corporate trustees because of its flexibility in distributing income.And if I were to establish a DT with corporate trustees, how…[Read more]

BBI trust can't claim principle either

You will have to read the tax rulings and IDs and Private binding rulings issued on hybrids.In the old days various accountants were marketing hybrid trusts and saying you could get the units in the name of the highest income earner to claim a higher deduction and then when you sell the trustee can distibute the CG to the beneficiary with the…[Read more]

Another thing.Finance could be difficult, depending on how the trust is structured. If you have a company as trustee and then the trust issues units to the individuals then the problem will be finding a lender who will allow the title in the company name, but the loan in the individual name = third party lending. Not many lenders will do it now.

You can avoid the cross coll by borrowing 80% on this property and then some more money from a LOC on another property.  Cross coll benefits only the lender.

wafti123 wrote:

Terryw wrote:
Any deposit into a loan is a payment and any wthdrawal is new borrowings.If you pay money in advance into a loan and then later take it out to buy a new main residence the interest on this 'new borrowings' will not be deductible.have a look at this weeks newsletter at http://www.bantacs.com.au (no 222 from memory) as…[Read more]

st81hp79 wrote:

Terryw wrote:
If you want to set up a "PIT", you need to ask some serious questions, especially about the "never ending" bit. It is true that SA is the only state with no legislation against the laws of perpetuities, but there are well established common laws against perpetuities – would these apply if there is no legislation?…[Read more]

The trustee is the legal owner of the trust assets. So the title to any property will be in the name of the trustee.A company is generally recommended as control of the trust can be passed on to others without the need to change title deeds. There are also asset protection benefits – if the trust is sued, for example, the trustee could be liable…[Read more]

JeffYou need some prof advice. Firstly you need to protect the assets now. There is not much you can do without incurring stamp duty at CGT now. You should make sure you have a good will drawn up, and make sure you ask about and include a testamentary trust within the will. There are huge tax advantages and asset protection advantages by doing…[Read more]