Yes, I think it is possible to grant POA for a specific action. Better talk to a solicitor, or do a search on google – and check http://www.lawcentral.com.au

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Maybe try to get the appointor changed to be both of you (don,t know if this would be possible)

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Some solicitors also recomend a caveat be placed on the title of the property after settlement to indicate it is owned by the trustee in its capacity of trustee to the trust. This can help establish that the property was originally owned by the trust – in case of a future dispute.

Terryw
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If the trust cant afford it you will have to either gift or lend it money. If you take from your LOC, you may at least be able to claim the interest.

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Option one would work, but lenders would only lend if you all guarranteed the whole loan. cannot have separate loans without this. Same with the unit trust scenario, bank will want guarrantees from trustee and all unit holders.

Terryw
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Do a search here, there was a (heated) debate on this topic a few months ago- maybe 6.

basically, if you have equity, then you can get loans, so as long as your portfolio is growing faster than you can spend it you will be ok.

Terryw
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They were probably worried about the quality of the property or the location, or maybe even asking about this for their own personal interests.

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It is probably not worth claiming a few thousand dollars now if you are going to lose the CGT free status of your home. Thnk carefully before doing this.

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Janus, I am currently in Japan and would like to know what your looking at. I feel now is the time to buy here as it looks like the 15 year decline in ppty prices maybe over. yields are good too currently.

I think you will have a hard time as mentioned above. Japanese banks will lend to foreigners, but only if you are a resident and have a job.…[Read more]

I think an agent pocketing money from a trust account is a serious matter, and probably something they wouldnt do for just $41.

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Becareful. For taxation purposes, the date of sale is the date of the contract exchange – not settlement.

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Calvin

No. Just that the laws are different over there, and since most people are aussie here (?) they may not have realised it was from over there

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I would just like to point out the above is from a New Zealand website.

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Hi Richard

Yes, it is an interesting bit. It is funny how he managed to drag Steve’s name into it. (not funny for Steve tho).

This is a link to the case:
http://www.austlii.edu.au/cgi-bin/disp.pl/au/cases/nsw/NSWCTTT/2005/481.html?query=%22a%22+and+%22feeling%22+and+%22of%22+and+%22unease%22+and+%22and%22+and+%22on%22

It makes itneresting…[Read more]

There is another interesting recent case, Ormiston v FC of T [2005] AATA 978, where a person had a property for 5 years without renting it out. The owner was still able to claim the interest.

Terryw
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Hi Gross

I am not an accountant, but would think the following:

1) A director does not own a company, just runs it, so there should be no CGT or stamp duty implications

2) Shouldn’t matter where the assets are located. If the company were to sell a house for a profit, then tax must be paid. Location of house would be irrelevant

3) If you sell…[Read more]

You mortgage the new property, the lender will give you a cheque or a LOC etc, and you can use this for the next one.

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Carl

ATO will look at the purpose the funds were used. Title in not relevant in this situation.

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If the bank forecloses, then they can sell your mortgaged property. If you were not cross collateralised, they would still chase you for any shortfall, but you would have the option of raising the money elsewhere.

Another point is, if you current lenders stops lending to you, it can be harder to go elsewhere if all your properties are tied…[Read more]

Soem lenders that will take negative gearling into account are:
Bankwest
St George
ANZ

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