kong71286 wrote:
Hey Terry,Thanks for your concise answers With regards to the 'wording of deed' – can it be altered in the future, or is this a once off event, which you need to ensure you get right from the start?Kong

A deed can be altered if the deed allows it. But, changing a deed is very dangerous as it could cause a resettlement. If a…[Read more]

1, anyone. Even future people – those not yet conceived. You do this by the wording of the deed. any children, step children, adpoted children of x. etc. The only condition is that they have to clearly fall within the definition in the deed so they can be identified for certain..2. yes, but there are special rules with dividends.3. would be better…[Read more]

hi BWhat you would have done is either gifted to the trust or purchased units. Neither are very safe.Units are considered property. If you were to go bankrupt a bankruptcy trustee would take over your financial affairs. They would step into your shoes and take control of your assets. They would control your units in your trust and likely sell them…[Read more]

T_H_G_H wrote:
  Now I presume that for example if someone owns a house worth 500K, and owes 400K to the bank, and the bank forecloses on their house, then the bank sells their house @400K.  

This is not quiet correct. The lender will need to sell the property for market value or risk being sued.

Not sure why you would want to by pass paying CGT – unless you are selling within 12months. Companies pay a flat rate of 30% tax, whereas an individual would pay 46.5% – if you keep for more than 12 months this is halved which is less than the company rate. But I am not suggesting you buy in your own name, but should consider using a discretionary…[Read more]

Once it has its own title it is no longer exempt from tax, I think the value at the point of sub-division is the new cost base. If you sell it for more than the cost base then you will be up for tax.have a look at the pdf booklets at bantacs.com.au one called how not to be a property developer.

I doubt you would find a bond issuer who would go past settlement date.

There is a sale of goods act in NSW and would be a similar Act in QLD. Look on austlii.edu.au. You will need to determine if the frame and steel is classes as goods under the act (I think they probably would be) and then look at your agreement with them – whether verbal or written. If you paid for certain goods and they haven't supplied them then…[Read more]

The best place to look is the actual legilsation.In NSW this would be  the Duties Act 1997. http://www.austlii.edu.au/au/legis/nsw/consol_act/da199793/an option to purchase land in nsw is classed as dutiable property under s11.there are special rules for put and call options under s107.

Certainly stamp duty will vary from state to state. I think Vic has introduced new rules which would mean stamp duty is payable on the option at the full rate as it you settled on the property – but check this.in NSW, last time I checked, stamp duty was payable based on the option fee, rather than the value of the property.

The land will produce no income and will drain you until you build on it. The old home could be rented to help with the repayments. But by building you could make more of a gain. Then again, selling you land you will pay CGT, whereas your home will probably be exempt.

Setting up a trust will not help borrowing capacity as the lenders will still lend based on overall borrowings and loans guaranteed.If you have less debt it will help your borrowing and so will more income. If you are reducing debt it would be good to reduce personal debt because the interest isn't deductible and there is no income produced from…[Read more]

Not everything rises – look at Japan, things have been going down in value since 1990. They have deflation problems! So you should factor in what to do if values have dropped and one of you wants out.You probably need some sort of joint venture agreement. I think there is an agreement on lawcentral.com.au called a joint property purchase agreement…[Read more]

Probably. These would vary from state to state, but sounds about right. Not sure on the discharge of mortgage as this would belong to the other party.

I am not sure., You would have to make sure you get the owners permission to onsell the option with terms for this in the agreement. You could also include terms to cover being able to list it with an agent. Agents would be most concerned with their potential commission and would be unlikely to help out unless they understood the legal owner had…[Read more]

Notice to complete means the other party can terminate the contract on the due date if you don't settle. They may chose not to terminate however.If your solicitor received the notice to complete then they certainly should have notified you. I don't think lack of response to a requirested extension will count towards anything.

You just sell the property. Find a buyer and then when found you assign them the option. The new person then settles on the contract to buy the property.

Another way to get money back to Australia is to set up a US acccount with a ATM card – then just withdraw the money from an ATM here. Charges will vary from bank to bank but maybe around $5.

but it all depends on the situation of the person – resi or commercial, company/trust or individual, low doc or full doc etc.I generally like westpac but their rates are high at the moment. ANZ was good for low doc 60% LVR for individuals, NAB good for commercial and CBA good for nothin.

Hi DYou mean the new laws coming in which will mean fin planners cannot get commissions? I heard about it briefly on the radio, but don't know the details.I guess people will be relucant to go if they are going to have to fork out money – but the irony is that they may be better off under this system.