Ptn

Get some proper advice on this first.

You should not be holding property in the same trust that have traded in. What would happen if something you did contracting goes wrong in a years time and you get sued?

Also be careful on putting in too many trustees. This increases risk, and also can cause problems with loans down the…[Read more]

Yes, LMI is a borrowing expense and can be claimed over 5 years or the term of the loan if you refinance earlier.

Even if you initially lived in the property, you should be able to claim the LMI, possibly 100% of it.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with…[Read more]

Yes.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

You should take into consideration your views on rates, but also the inflexibility fixing creates – it may be harder and more costly to change lenders. And this could hinder your expansion.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

I have an office in Parramatta, and sometimes even go in there. Not too far from the Hills District.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

Also consider Dale Gatherum Goss. http://www.gatherumgoss.com

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

Not sure of Steve’s 2nd kit, but I have hte first one and it doesn’t include contracts.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

Hi

It is very confusing. My understanding is that in Victoria, the trustee must pay an additional surcharge as well as land tax. But the trust may nominate a beneificary who can pay the land tax on behalf of the trust, and I assume get some relief with the tax free threshold. But a beneificary paying the land tax may not actually be able to claim…[Read more]

Elka is correct. You can have a look at the legislation here:

http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.145.html

But there is also an opportunity where you can claim the main residence exemption on two places at teh same time for up to 6…[Read more]

Smarter to rent in many cases. You can still claim your sydney home as the main residence for 6 years and get deductions on everything, and not living in your gold coast home means you can claim everything on that too.

But all this will depend on loan sizes and incomes etc.

Terryw
Discover Home…[Read more]

Looks like they have only looked at 176 loans, Not many in the scheme of things, but this figure will obviously increase.

Also seems the ATO is especially looking for people who have not lodged returns at all.

It looks like No Doc loans are going to get much more popular in the next few years.

Terryw
Discover Home…[Read more]

You could try and locate Lewis O’brien in Melbourne. He is the wrap expert down there. Sorry don’t know anyone in Canberra. Tony Cordato in Sydney may also be able to help, http://www.businesslawyer.com.au

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with…[Read more]

I think having a HDT is very good. As you say it can run as a normal discretionary trust until needed. There should be nothing extra at tax time until it starts issuing units.

Which website did you read about HDTs being a grey area? Recently Lawcentral have been promoting them, and http://www.bantacs.com.au have given them the thumbs up too, they did…[Read more]

You will have to ask the bank. Generally loans must be in the same names as the title of the property, but with spouses there can be exceptions. Not sure of ANZ’s take on this tho, probably would have to be in both names. Either way you partner would have to give income details etc as if they were not on the loan, he or she would have to…[Read more]

They just need a list of all your expenses, all your loan costs, and all your income.

Also they would need to see any depreciation report done by a quantity surveyor.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

I did this a few times last year when I was in Thailand. Its amazing isn’t it – free international calls.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

What! quit your job?

There is still a point in claiming things, even if you have a loss as the losses can be carried forward.

If you set up a trust, you won’t be saving tax, but you will be protecting your assets, and the trust may also assist in reducing CGT down the track if you happen to sell when you have income. It adds flexibility.

Trusts…[Read more]

I have just started doing my own tax again after many years. It is a great way to learn taxation issues.

Nats, if you are a bit worried, why don’t you do everything yourself as if you were going to lodge it, and then give it to your accountant. See how you go, if the accountant doesn’t pick up anything you have missed, consider going on your own…[Read more]

I have done both, and agree, LOs seem better for a number of reasons as you mention.

I think previously people wrapped as the ‘tenants’ were able to get the FHOG straight away (in some states anyway). Don’t know if this is still the case.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send…[Read more]

What state are you in?

I was suggest you just go to a solicitor that specialises in this area for teh paper work etc.

I suppose in the meantime, you just have to consider the structure and figures. ie are you going to lend them the deposit, so the title changes into their name? Or are you going to let them pay it off in installments?…[Read more]