From my knowledge:

1) Yes
2) Trustee would have discretion, but to claim a deduction you would have to show that you were investing money with a few of getting an income. If you are not getting any distributions, then the purpose of your investment is in doubt. Not sure if all the mone would have to go to the unit holder though.
3) Not sure
4)…[Read more]

There are various issues to be aware of when borrowing money from your company. If not done correctly, the money could be deemed a dividend at the end of the year. Please check with your accountant.

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

The VFA is only a small organisation with the office holders volunteering their time (i think anyway), so you can’t really expect too much from them.

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 agree with Dr X

What about buying your home, lving in it for a while, then renting it out. that way you have the property, claim the deductions, and still have it CGT free for up to 6 years.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

Lease options are similar to wraps, but are preferrable to wraps, for me anyway, because:
– less problems with finance
– can be structured in many ways
– can still access equity
etc

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

If you stop being a resident of Australia (for tax purposes), then you are taken to have disposed of certain assets. I think that land Australia is exempt, but land outside of Australia isn’t. eg.

If you friend owned land in NZ and was a Australian resident, then ceased to be a resident, then the ATO will want CGT paid on the NZ land value on the…[Read more]

only if you do not claim any other home as your PPOR at the same time.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

You probably can claim the interest on the land loan if your intention was to build. Better speak to a good accountant.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

Sham Trusts
$26.62 ex GST

Also appears to be a NZ published book.
http://www.goodreturns.co.nz/books/product_info.php?products_id=24

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

Success with Trusts
How to Protect Your Assets with Trusts
Ross Holmes

Many people let financial planning slip into their ‘too hard’ basket. Such delays lessen the opportunity of ensuring that your important financial objectives are achieved, and increase the risk of occurrences that could prevent you from achieving your objectiv…[Read more]

Successful Trust Management (New Edition)
Asset Protection Planning And the Administration of Trusts
Ross Holmes
http://www.reed.co.nz/title.cfm?titleid=3174

Appears to be a NZ published book

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

Another thing to think about is if they are going to be borrowing money via the trust. It is usually the trustee that has to guarrantee the loan, therefore having just one trustee will mean they are the ones taking the risk in this regard too. Not good risk-wise and not good from a serviceability point of view either.

Terryw
Discover Home…[Read more]

Richard is wrapping professionally as a business, whereas I only dabbled in a few. It certainly can work, if you are prepared to put in the effort.

I did purchase Steve’s wrap kit and think you probably should buy this if you are serious.

I think the biggest hassle is the quality of the tenants. Some just don’t want to pay occaisionally. Others…[Read more]

Technically you could have to disclose the whole debt to the lender on each loan application. Even if the loan was split in to two, you each would be responsible for the whole loan if all the other 3 decided to stop paying.

Having a trust etc, would not help in this regard.

From an equity POV, the place is owned by all 4, so if you wanted to use…[Read more]

Bris

Try Julia at http://www.bantacs.com.au

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

I have done some wraps, but would not do them again. The returns are too small for the hassle, and you lose out on any capital growth in the long run.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

A hybrid trust may be worth looking at.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

have a look at http://www.lawcentral.com.au

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

Bris,

That may be the case, but I would get a second opinion from a good solicitor.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au

He must be good then. Can you get on a waiting list?

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au