1. Def do not use the same structure for your business and other assets. Businesses are risky and get sued all the time. You don't want your assets exposed. Set up costs for a trust are from $200+ on the internet or around $1000 from an accountant with some advice thrown in. Company costs $400 to set up or maybe $1000 thru an accountant. Running…[Read more]

I haven't read any for a while now, but Peter Spann's one was one of the best I ever read. Can't remember the title now as someone 'borrowed' it!!

It is probably similar to that in other states.eg. the possession needs to be:- open, not secret- peaceful, not by force- adverse, not by consent.You will need to possess the land for at least 12 years in NSW to claim title.

The longer you leave it the more expensive it will become – if rates are still going down. plus you are paying more interest in the meantime. Look at your loan documents, the formula may be in there somewhere, if not ask your bank how do they calculate it.If it is an investment property, you should be able to claim the costs (which may help a…[Read more]

Usually it is accountants that set up trusts. You will need advice on the tax aspects. But you will also need advice on the borrowing aspects too, so I recommend you speak to your broker too before you establish it.

Most of the major banks are good. I personally like Westpac at the moment.Beware of St George. Their ways of calculating interest are weird and they have several different offset accounts – some where the principle is reduced and not the interest.

Hi PeteA bear trust is where A owns for B. B is the true owner, A just the legal owner. So I don't think you would pass the FIRB rules on this.

Derwood27 wrote:
Hey Terry,I left stamp duty off that bit because I think Qld office of revenue allows all land as PPOR to be exempt from stamp duty under 550k value. As I would now own the 1 title in my own name, for my own house, I should escape the stamp duty !…I think :-sYou still confuse me with this selling stuff…..who am I selling it…[Read more]

Hi DarrenYou left out stamp duty which you would also incur (I think) when you sub-divide the land into 3 different names.If you build and sell GST would be payable on the building part too as the building is new. If you sub-divided the land and then built, then no GST as you will be living in it. If you were to sell down the track, then none as…[Read more]

30% deposit is the norm with commercial I'm afraid.

I just looked up http://www.firb.gov.au and this is what it says on companies and trusts:Under the Act, a foreign person is: a natural person not ordinarily resident in Australia;a corporation in which a natural person not ordinarily resident in Australia or a foreign corporation holds a controlling interest (that is, a holding of 15 percent or…[Read more]

Thanks SJInteresting

here is some of itTemporary residents’ exemption Temporary residents will not be required to notify proposed acquisitions of: an established dwelling for their own residence (not for investment purposes); any new dwellings; and single blocks of vacant residential land (other acquisitions of vacant land will require notification and w…[Read more]

wealthyjvd wrote:
why not put money into the the home loan if he was to buy a unit and rent it out, it would help reduce the loan drastically, and its not like he wont be able to access the equity in later years.im not the type that pays off one, then moves to another, and accumulates three in a lifetime, dont get me wrong, but putting money…[Read more]

If you have one pre-approval you will probably qualify for other banks too. Why not wait till you find something? Save time and your credit file.Although it won't look bad. It will not be looked on as bad credit. Just don't over do it. (I once seen someone's file who had about 10 pre-approvals!!)

On that income you could borrow a lot more than you have been told – if you needed to.I would look at getting something to live in and get the grant. Get a highest LVR loan as possible, IO with a 100% offset account. Live in it for 6 months and then move out and rent it. Under s145-118 of the tax act you can still treat it as you main residence…[Read more]

no point!Can't help you any further.

If your parents in law are borrowing money, then they are the borrowers, not you.Make sure you set yourself up in the business correctly. Get proper advice and use a Pty Ltd company to limit liablity or you could lose everything if your business fails.

Depending on how much you are borrowing you can claim second job income. Casual – usually have to be there a while.

Well you should be able to get a Line of Credit on the place. Check with you accountant on how to set things up – you could borrow from the LOC to pay absolutely all expenses for the rental. rates, insurance etc and this will free up money to put into your new home loan saving tax. You should also be able to claim the interest on the $20k borrow…[Read more]