Generally GST is payable on all new residential property. 'New' is classed as built less than 5 yrs ago.I think CGT would be payable as well assuming there was a gain after expenses – unless it was your main residence – and it cannot be your main residence until you have lived in it. I think there is a tax ruling on this.

number8, can you point to legislation to back up your point? I beleive that is not possible in NSW.  

I am afraid there is no stamp duty exemption to transfer properties (in NSW) from one name to two unless it is the pinciple residence (and would therefore be usually land tax exempt anyway), s67 duties act.Divorcing doesn't really help either as stamp duty is only exempt if going to 2 names to 1, s68.

Also, a loss in the company cannot be used to offset your personal income. Best to buy appreciating assets in a discretionary trust – usually.

A is an arrangement where A owns something for B. A parent opening a bank account for a child for example. Cost nil.If you want a more complex trust, then you will need a deed. Deeds can cost from about $100 up to $10,000 depending on the type of the deed and the person drafting it.In many States there is stamp duty payable on the deed. In NSW…[Read more]

Well, there is not much you can do, unless they have broken the agreement in some way.I would try what the lawyer suggested. Try pointing out how much they will save, and maybe offer to help then find a broker etc. Maybe also point out how much equity is in the place and how they could possibly access that by going to a bank.

Discretionary trusts allow the greatest tax flexibility as the trustee can choose who to distribute to each year (from a range of beneficiaries). To save tax they usually distribute to the lower income tax payers first, so that less tax is paid overall. Children can also earn about $2600 pa each in unearned income each year before they have to pay tax.

What do you mean by nominees? Did they sign the contract as your agent? or a Trustee? I hope you have taken advice on this or there may be double stamp duty payable. once by them and once by you when they nominate you.Assuming the property ends up in your name, I can see no basis on which you could claim the interest – nor them. Just think of them…[Read more]

guarantees don't mean much. Pretend it doesn't exist when you do your calculations.

Do you have another main residence – from the date you moved out? if not, then it can be CGT free for up to 6 years.If you do then you're property would be CGT free for the first 14 yrs, and then CGT would apply from the date it ceased being your main residence.

what sort of agreement do you have? An installment contract maybe? This may mean that they have up to 30 years to settle – but it will all depend on the agreement. I suggest you dig out the agreement and see what it says.

Hi RichardDo you think the reverse equity loans for oldies will be still around?

No, it is the income requirement. Equity is only one consideration.No, or few lenders are going to lend to you if you cannot demonstrate you have the ability to pay the loan.

Unless it was your sole main residence for the whole period, then CGT would apply.

Yes, i think stamp duty would be payable.CGT would also be applicable if it was initially an investment property.Since ownership is changing you will also need to redo the loans. Possible exit fees, though the bank may waive these if you are staying. You should try to avoid cross collateralising properties if you are going to restructure this.you…[Read more]

It should be still qualifying as genuine savings as long as you can show the money trail.

Declaring rent from renting out the rooms will mean you will lose the CGT exemption for this portion of the property. This will probably be a lot more than the tax savings you could get.Even if you will be paying the same rent, it may still be worth moving out for a few years and claiming your expenses associated with the property. This can be…[Read more]

Yes, you can look at borrowing to pay interest and other investment costs on your old PPOR. This will help you, only slightly though, by freeing up cash which you otherwise would have used so that it can go to the new PPOR loan. Please seek proper advice on this as it is not easy to implement without falling foul of the ATO.Another option is for…[Read more]

You will need to meet the requirements of 'living' there. So you should look at the OSR site and see if there are any rulings which define 'live in'. Probably best to try the FHOG Act first. I think the ruling there is that you must live in the property for 6 months starting within the first 12 months.The ATO requirements will be different to the…[Read more]

You could probably just draw out $500 and then redeposit $300 straight away and get around it that way.