I would suggest you pay them yourself and collect the money from you wrappee. I found out the hard way that they often just ignore bills like these.

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

Yes I htink they would have to pay the CGT in the same year as the sigining of contracts. Lease options may be away around this.

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

Peter

You can become a financial planner by getting a diploma in Financial Planning (this can take as little as 8 days).

Accounting is usally a 3 year course (eg. TAFE), followed by working under someone for another 12 months or so. This is to become a registered tax agent. You can also do a conversion course if you are a uni graduate and get…[Read more]

Sebastian

LMI are sometimes slightly flexible, but not very often!

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

It is unlikely that the company that listed the default will remove it. But the bank you are approaching for a loan may consider the circumstances. What they look for is
-the amount
-how soon it was paid
-the reason
-how long since it appeared.

it is worht a try anyway.

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

Hi Roofarmer

Yes, things have changed. There has been some tax determinations produced early this year (do a search on this site for more details). Basically the ATO is saying the sale takes place on the date of the contract, and therefore CGT should be paid for that financial year.

Maybe lease otpions are a way around this.

Terryw
Discover…[Read more]

Hi

I am still not convinced that carparks would be a good investment.

Points against:
– cannot add value,
– they are all the same with nothing to distinguish from other spaces
-are locked into a rental contract
– hard to finance
– low rental yield
– legislation changes (eg. a state govt levy could be imposed on all car park owners)
-hard to…[Read more]

I think you would be better off putting you money in the bank than investing in a carpark. What’s the attraction?

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

Wrap attack

The other shareholders would only have to pay stamp duty if they transferred their shares.

Regarding changing bankruptcy laws, they are looking at getting back gifts made if a benefit was obtained by giving the gift. One lawyer has suggested poeple should not sleep with their spouses as the wedding ring may have to be given back if…[Read more]

I’ve seen these advertised too (somewhere).

Just keep in mind, you probably could not borrow for these. You would have to put in $56,000 cash, what sort of return would you be getting? It would probably be similar to putting you money into direct shares or even a ING savings account.

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

Wrap Attack

I didn’t see a company mentioned in the initial post.

Are you sure that stamp duty can be avoided by just transferring the shares in the company? My understanding is, if the company holds property, then stamp duty must be paid on the value of the property.

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

I have considered this. It is a way of getting unlimited finance – if you can service the higher repayments.

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

I agree that it shouldn’t be a problem. In fact, most lenders will ask to see your Pty Ltd’s tax return when they find out you ‘own’ a company.

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

Just out of interest, Alf, what did he say the benefits of cross collateralising your loans would be? I assumed he meant it would be beneifical to you (and not the bank).

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

For more info on the ATO’s position regarding renting from a unit trust, have a look at this tax ruling:
TR 2002/18
Income tax: home loan unit trust arrangement
http://law.ato.gov.au/pdf/tr02-018.pdf

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

It is a good idea, but
– you must pay market rent to the trust. So after a few years, your trust may have to pay tax on the pofit it is making (which otherwise you would not have)
– you will lose the CGT exemption
– you cannot do this under a unit trust. If done using a discretionary trust, the trust cannot distribute losses so cannot negative…[Read more]

I’ve had two of my loans rejected soley on the basis of the number of enquiries on my CRAA. However, they were both approved after explaining them to the mortgage insurer. You should try to keep the number of enquries to a minimum where possible, but they are not such a bad thing.

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

I have recently seen someone getting more than 8% yield on a property in a good area of Sydney.

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

GE are a non conforming lender with a 90% loan, no LMI. The last time I looked, the interest rate was over 10% pa. You will have problems getting over 80% I think.

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

There may be exemptions when transferring between spouses.

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