You might want to do a Dip and Financial Planning so you meet ASIC's PS 146 requirements for giving financial advice.

I agree with ElkaI believe that you may be able to elect to treat this place as you main residence under s118-145 of the ITAA.http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.145.htmlYou can only have one main residence at a time (except for moving between houses, s118-140 = doesn't apply in your case I think).you could sell the…[Read more]

Companies don't really provide much asset protection. The shares will be owned by yourselves and if you are sued then these will be at risk of falling into the hands of creditors. A trust can help in this sort of situationThe company only provides limited protection if it is sued. eg. someone is inured on the property and they sue the owner of the…[Read more]

When someone dies a trustee takes over theiir assets and liabilities, their estate. They have to pay out all the debts and share the rest of their estate according to the deceased's will. If there is CGT to be paid it comes from the estate. If the estate doesn't have enough money left over, then I am not sure what happens – I think the estate just…[Read more]

This question has come up about 3 times in the last few days. have a look at some of the other answers.Companies don't get tax breaks – it will end up costing you much more if you form a company, especially if you are going to live in the property. If it will be an investment look at discretionary trusts and unit trust (good way for several to own…[Read more]

Santoriniwalk wrote:
Hi Terry – yes I had thought of renting it out but need some more info on CGT exemption for PPOR. If I were to rent it out, claim tax benefits, then move back in within 6 years would I then be required to pay back any tax benefits? My property is in Mawson Lakes SA, a Delfin land development. It has fantastic amenities…[Read more]

You can do a search online at the Land Titles site in your state. Costs about $8. You need to look for the transfer. this has the names of the buyers and a sellers and the amount.

I suggest people just establish LOCs on existing property to 80% LVR, then use this for the deposits and costs of the new properties with each new property getting its own 80% LVR loan. The LOC (Line of Credit) can be used to pay ongoing expenses and  possibly any shortfalls on the interest for the other loans.As you wife is not currently working…[Read more]

Did you have a subject to finance clause? or even a building inspection?

shane.barry28876 wrote:
I dont know about that – but does anyone know how to get a stapler out of my head? – damn nuisance!

Common problem. Try a staple remover.

Which part do you disagree with?

I don't think you can generally claim courses. Do a search on the legal database of the ATO site.

Hi ElkaIts getting clearer now. Changing to IO is pretty straight forward. But you want to access some equity and want to know what to do with it, I think?Lets assume your loan was $100,000 and it has come down to $80,000. You would need to keep your IO loan at $80,000 as you have paid off $20,000.You could then take a split, or even an increase…[Read more]

Hi PeterThis is a complicated area and you will need some expert advice.If you change names after sub division, then you will have stamp duty issues – and maybe CGT. Maybe even GST issues too?There is a way around this, aparently, in some states. You draw up a deed of partition so you each x% each of the original block. Then when you subdivide, as…[Read more]

elkam wrote:
Thank you, I didn't know that. Still, they could be up for paying some of the CGT out of their own pockets couldn't they, assuming no other assets?

Who, the kids? Why would they have to pay someone else's tax?

Debt is not hereditary. They kids will be left with nothing, but maybe assets left in other trusts.

It may be wise to move to the area first so you can get a good feel on where to live. But if you get there and have quit your old job, it could be hard to get finance/

Hi ElkaYou could take your loan to the max by splitting it with the new loan being separate then the existing – this can be IO or LOC. That way when you take the money out if can be separate from the other non deductible loans.Is that what you are asking?

There is no such thing as wholesale really. They are just selling blocks at market price with a marketing spin. But you may do well buying land 'off the plan' as the prices can rapidly increase (sometimes). One of my clients purchased approx 20 blocks off the plan for about $40,000. He then on sold them at various prices before they were complete…[Read more]

Sounds like you maybe locked in. You may only be able to get out if they let you, or if one of the conditions are not met. With property purchased off the plan there are often clauses in the contract which state that if the title is not registered by a certain date, then either party may pull out without penalty and get their deposits back. If the…[Read more]