Yes, there was a guy posting on here some time back that made a serious mistkae with his trust set up – I forget the details now, but ti fix it would have cost more than the trust set up.Also one of my clients had his son as appointor – which meant that his son could never receive a distribution from the trust.One of the biggest mistakes it…[Read more]

Yes, if they are suitably qualifiedTR 97/25http://law.ato.gov.au/atolaw/view.htm?locid=%27TXR/TR9725/NAT/ATO%27&PiT=99991231235958

Also many people have found that loan applications and companies don't always appear on your credit file – I am director of a couple which don't show up on mine for some reason.

CBA also didn't do credit checks at all for under 80% LVR if you went into a branch!

jacko44 wrote:
first time investers who put $1000.00 down as bond on a property that at the last min didn't tick all the right boxes.Had fiance approved and received paperwork for signing as well as settlement papers but  have formally contacted those concerened that we will not be signing anything and will not proceed with the deal.as things…[Read more]

You can post the forms in or do it online now I thinkform 201http://asic.gov.au/asic/ASIC.NSF/byHeadline/Starting%20a%20company%20or%20business

I remember in the good old days Henry Kaye use to say he would order 3 or 4 QS reports and take the highest!He had some good strategies(he was running $15k property courses, but had a few problems with ASIC and others chasing him)

Actually I looked at a St G app a while ago and it didn't ask for guaranteed loans to be disclosed, so I wrote to them and got a confirmation that they would be taken into account.

Yes, one of the tenants ran away – a midnite runner. I kept the option fee and all went to court to get an order that they had abondoned the property and got a judgment for money owed for the clean up etc. The property had increased in value a fair bit so I didn't pursue them for the debt.Also had another property in which the tenant died inside.…[Read more]

I forgive you Richard!

hi TrevorThe bank is relying on the guarantee. The company and trust are worthless. So if a person has guaranteed x number of loans and they cannot service anymore the bank will not lend.The bank will know about your other loans as they will do a credit check on the person where they will see all of the other loans applied for personally and as…[Read more]

Hi TrevorFor some reason this question is coming up a lot lately!When you reach your limit having a new company/trust will not help you borrow more because the bank relies on personal guarantees. So if the person giving the guarantee is the same it won't really help.Generally only a discretionary trust is good for investments because it offers…[Read more]

Hi RIchard and TambanI think your wording there is a bit off and may confuse.Tax deductibility depends on what the funds borrowed are used for. Redraw = borrow. So if someone redraws money and uses that money to buy an investment the interest on that portion should be deductible. It doesn't matter that the origin loan was used for an owner…[Read more]

Why would they be free? someone has to go out and inspect the property and note down al the different types of fixtures and fittings etc.

If you go into ASIC you can fill in the forms yourself and get it done for about $400.I have formed some using law central and you get nice forms and minuites, but really you are paying for them to fill in the ASIC forms for you and to give you a bit of advice with each question – which is good if you don't know much about forming a company. I…[Read more]

There are many different ways you could structure it.eg:strike price, is it a) fixed or b) increasing orc ) decreasingDeposit – there is usually no depsoit as it is an option you are selling, so you may have an option fee insteadOption feea) is it refundable (not usually)b) does it come off the purchase price?Rent, does ita) reduce the strike…[Read more]

The trust is a separate entity for tax reasons so it needs its own TFN and ABN and GST registration – if it applies. The company needs to lodge a tax return (nil usually) as well as the trust.

hi GrantPlease do a search for the IO loans and offset. I have been writing the same stuff over and over again almost daily for years now. I should write something in word and then just cut and paste.Anyway, the 6 months will satisfy the requirements for the FHOG – but you have to check as each state is different. I think in QLD if you do not live…[Read more]

whats the values?

I was going to say something similar to Richard.If it was me, I would look at getting a house and using the FHOG and stamp duty concessions while they are still available. Live in the place for 6 months, or as long as required and during this time do it up as much as you can without spending too much. I would suggest you look at a 80% lend with…[Read more]