Yes, many of them will.

If you were a resident of Australia you may have committed an offence by not declaring your UK income. Maybe you mean your Australian income was less than the taxable threshold?

I don’t know if you need to declare the loss or not but wouldn’t it be good to have loss which could be carried forward to offset future gains?

How are you proposing to own the properties? Sounds like 4 names and this may need a rethink for a few reasons such as:
– joint and several liability = risk
– effect on borrowing capacity
– land tax
etc

It may work out better to buy 4 properties in one name each rather than 4 in 4 names.

Investing in property is not generally considered a business.

Trust assets cannot be passed on via a person’s will. Where the trust is a discretionary trust the appointor position can be passed on (sometimes in a will, but better outside) and the trustee company shares could be passed on, but not the property of the trust. Where the trust is a unit trust and you own the units then the units can be left via…[Read more]

Best to speak to a lawyer about asset protection. Accountants don’t know about the laws of ‘equity’

The reason to have a company as trustee is because a trustee is personally liable for the debts of the trust. a trust is not a separate entity but a relationship with the ownership of trust assets being in the name of the trustee. So if the trustee…[Read more]

Builders are generally conducting a business of building and selling. They would usually register for GST and claim CGT inputs along the way and then charge GST on the sale.

But this doesn’t mean it will apply to your situation. You may not be conducting an enterprise. you really do need to get expert advice on this.

You need your crystal ball – if you think it won’t grow by at least what it is costing you then it may be work selling.
Even if you think it will grown more you have to weigh up the opportunity cost of it tying up capital and/or preventing you investing elsewhere.

‘stamping’ is only done for revenue purposes. There is duty on mortgages in some states such as NSW for non natural person. Trust deeds in NSW and VIC are also stamped with duty payable.

For a deed there is no stamping needed unless the duties act imposes it. No JP witness required either, just an adult who is not party to the deed. Same with…[Read more]

You should split the loan into 3. Original purpose loan, and one new loan for use of each property.
Not due to APRA rules but because of tax law. Interest is deductible based on purpose and use of the borrowed funds, therefore you need to claim interest against the property the borrowings relate to. This is best done with separate loans. There…[Read more]

Yes, this would seriously need to be considered. But if the dad has a mortgage he would get the loaned amount back. Any capital growth could end up in the hands of someone else, but the daughter’s will could mean it comes back to the dad too.

It is always best to plan ahead as circumstances change. Owners die and heirs sell too

Sorry to hear about the parents.

Will you be paying cash for the property? If you buy it like this have you considered the CGT consequences?

hi Rob

Your daughter could get the main residence CGT exemption and/or th e 50% CGT reduction which you cannot, assuming she is a tax resident which she probably would be if studying here. You lend the money so you can take a mortgage over hte property and retain some control in case she wants to sell the property or goes through a divorce. If…[Read more]

Since one of the owners will be living in the house it may be calculated at main residence rates – but I have not looked up the legislation to confirm.

Are you sure it is a good idea to structure the purchase like this?

Get some legal and tax advise as well. No main residence exemption and no 50% CGT discount. How are you going to fund it? Perhaps you could lend money to your daughter who could buy it.

What course?

Depends on the circumstances. You should seek specific tax advice on this complication area. You may or may not be entitled or required to register for GST and CGT may or may not be applicable.

I just read this article on off the plan and it is by Ivan from the forum:
TIPS AND TRAPS OF OFF THE PLAN APARTMENTS FOR SMSF’S
https://www.linkedin.com/pulse/tips-traps-off-plan-apartments-smsfs-ivan-filipovic?trk=eml-b2_content_ecosystem_digest-network_publishes-25-null&midToken=AQGf54pfDNSddQ&fromEmail=fromEmail&ut=2Jr4FaSvugG781

Its on l…[Read more]

Yes it is grey. If they investigate they will look at the circumstances of why you keep buying and selling. If you are a registered builder that won’t help, if you are doing renovations and adding value then that will go against you too.

you have already asked this question, see https://www.propertyinvesting.com/topic/5022282-principal-place-of-residence/