it may be possible to get up to 66 to 70% of the end value in some circumstances. But if you are just buying 1 block, probably not. You will be limited to 80% to 90% LVR on the current value.

generally that should be ok. Check with your accountant.

Thats a good return on their investment!

Thats a good return on their investment!

Thats a good return on their investment!

I don’t think it is a good idea to appoint a govt department to look after your affairs – it will be expensive too.

Do you have some family members who could act as your executor? You should use a few in case one or more predecease you – but you should update your will every year too. They also have to be willing and able to act.

You need to set it up so that it doesn’t look like a scheme. There may be a number of ways to do this such as having other commericial reasons, other entities, different banks, offset accounts, cashflow reasons etc.

You could, for example, divert royalty income to a trust. Once the money is in a trust, a discretionary trust it can then be diverted to other individuals and entities if they are also beneficiaries of the trust. The trust doesn’t pay tax but the beneficiaries will. So you could have one trust which is under taking a separate business of rental…[Read more]

I think he will need to lodge a tax return in PNG and pay tax there. If there then he will also have to lodge a tax return in Australia and declare the same income and his property and get a credit for tax paid over there. The negative  geared property will reduce his tax payable in Australia. Depending on the tax laws in PNG he may also have to…[Read more]

Good for generating legal fees anyway!

I am not sure of the laws in WA, but in NSW it would be ok and it is the standard practice. You sign one contract and give it to the other side and they sign a separate one and give it to you (this is exchange). You should be using a lawyer before you sign in case you get it wrong.

The latest Bantacs.com.au newsletter mentions that a recent private ruling on a debt recycling strategy was disallowed. So it is essential that you set the strategy up properly and seek your own private ruling before arranging accounts etc. If you do it incorrectly you could be in trouble.

I can't see any benefit in using your overseas company in owning the house. Only disadvantages.If you want the business to pay for some of the costs, then this can be done by diverting income to a new trust for example.

For the patent you should look at transferring it to a separate entity, trust maybe, and then licencing it. This will give the entity royalties and it will be quarantined from the other assets – subject to the clawback provisions of the bankruptcy act of course. The entity may even be a foreign one.

As for FBT this is also a complex area which i don't know much about.But, basically if you receive a benefit from your company the company or yourself may have to pay extra tax on the value of the benefit received. Some things are FBT exempt, such as laptops used for work, but most things aren't -such as use of a company car for personal…[Read more]

Hi ChalkeySounds like you have a real good business. You should really get some expert advice as there are a number of things you can do, legally, which can assist you in asset protection and tax reduction. eg you may be able to legally cease to be a resident in Australia for tax purposes while still being able to spend a lot of time here. You…[Read more]

I beleive GST would only apply if the property is new or under 5 years old, your's is 3 years so it may apply.

There are various issues with running the business overseas and tax. The ATO will want to assess you on your world wide income and now it is in the USA you will get a tax credit for tax paid there because of the double tax agreements. If you move it to a 'non listed country' (a tax haven) it is possible but you will still need to declare your…[Read more]

Thats a big mistake to make!

No, stamp duty should be the same where ever you are based. In some states, such as QLD, the rate is higher for non-owner occupied residences