Troy

if you trust is the shareholder, then the $200,000 could go to the trust as a dividend payment. The trust pays no tax if the money is distributed, so if $50,000 went to yourself, then you would pay tax on this money. it would be added to your other income, so you may end up paying more tax than if you left it in the company.
The $50,000 used…[Read more]

Yes you can use an existing report (but don’t have to), however it may be worth while to get a new one done by a professional company. Try http://www.depreciator.com.au they guarrantee you will be able to claim more in your first year than the cost of the report.

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

I recall seeing (but not reading) a tax ruling on this subject too on the ATO site.

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

Hi Hux

Usually it is the other way around. ie people trying to hide loans not assets. I would say declare it, as it can only strengthen your case. The bank cannot take amortgage over this property without your consent (and signing loads of docs), so you have nothing to fear.

You may also be getting rent from this porperty which you would not be…[Read more]

Yes I would say it is safer to gift money to the trust. If you (or a company) loan the money and are ever sued, the person suing you could call in that loan. If a gift, then they probably couldn’t (depending on when it was gifted-if within 6 months of going bankrupt then you could be in trouble).

If the trust owns the shares in a trading company,…[Read more]

Gee. I think it may be wise. Try to get the lender to pay for it as it is their fault. If they won’t speek to their complaints section.

This happened to me the other day as well. A clients solicitor dropped the document folder after settlement. Luckily she was shopping at the time and the shop assistant found it.

Terryw
Discover Home Loans
North…[Read more]

It is really no different to getting a loan in your own name. Lenders will ask for a guarrantee from the trustee (or Directors of the trustee company).

The only additional information that the banks usually ask for is a copy of the trust deed.

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

BTW, there is not minimum period specified in which you must live at the house to class it as your main residence.

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

Yes. You can still treat it as you main residence for a period of up to 6 years, even if it is rented out. But you can only claim one property to be you main residence. It comes under section 118-145 of the Income Tax Assement Act (i think-from memory).

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

From my understanding, CGT rollover relief is not avaiable in Australia.

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

Yes. The wrappees usually have to put down a deposit. Some people are able to use the FHOG as their deposit-on the cheaper properties.

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

It is harder to get a loan for this type of specialty property, especially if it can’t be readily converted to be used by other industry. Lenders worry, if they have to foreclose they it would be harder to sell.

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

Lenders are usually conservative. So if you can’t afford it on paper, you are unlikely to get a conventional loan. However there are loans out there, such as private lenders, who lend based soley on the value of the property, not taking into account your income. So if you can still come up with deposits, you can keep borrowing.

Terryw
Discover…[Read more]

There is no easier answer. A combination of hard work/savings and capital growth. Buying undervalued property and/or adding value in a rising market all helps.

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

Caitlyn

At least sue them for the full 10% deposit!

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

I know of no lender that will not ask for a guarrantee.

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

I don’t know what you mean by ‘creative finance’, but there are various things you can do. It really depends on what the house will value for. if it actually comes in at $230,000 you could still pay $230,000 with your parents gifting you $30,000. The bank would be able to lend you say 90% of $230,000 = $207,000. That way you would not need to use…[Read more]

Ben

Annyong Hassimnikka. (studied korean at uni, many years ago[:0])

Yes you could get the ball moving by having the bank conduct a valuation on you property now. It is no good ordering your own valuation as it is highly likely that the bank won’t accept it. This takes a week or so to do-but may take longer if the place is tenanted with…[Read more]

Please let us know what your accountant says. and Good luck

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

Yes it is feasable, I have done something very similar myself.

You will, in effect, buying you mum’s share. So she will need a soliticor for the sale and you for the purchase. cost about $500 ea. You could do it yourself, if you know what your doing. Stamp duty would be payable basedon the value of mum’s portion. It shouldn’t take too long, but…[Read more]