In that case the 6 year rule could reset as long as the property qualifies as your main residence.

But if you own another property you cannot choose both as the main residence for an overlapping period.

have you previously lived in the IP? If so the 6 year rule could be reset.

If not the 6 year rule could start from you moving in and out again.

I presume you did a AB search?

A trust is a private relationship, not registered anywhere. You need to find out who is operating the business. It can’t be a trust but would be a company or an individual who is acting as trustee.

If you do a title search it will show who the owner of the property is, but it will probably be leased to someone…[Read more]

No. It will hinder you as it is a debt.

Why do you need an investor?

I think you are conflating different things. The lawyer is not trying to give business advice when drawing up a deed, but giving advice on the legal issues.

An accountant might be the one to talk about for business advice, but they would need to be a registered tax agent to give tax advice and a lawyer to give legal advice such as who should play…[Read more]

I am not sure what your comment about “lawyers, in my opinion, usually run good legal practices (small businesses), but otherwise make poor accountants, business advisers, and financial planners.” means or relates to. We were discussing whether non-lawyers can set up trusts and no one claimed lawyers can act as accountants etc.

The fact remains…[Read more]

Since it is illegal for accountants to give legal advice, they shoud get the lawyer to set up the trust directly with the client, they can jointly advise if they want, but the contract would need to be between the law firm and the client. Otherwise no insurance coverage.

WHat happens in practice is an accountant will buy a deed template and fill…[Read more]

Tell me this Steve, would you let an accountant set up your will? Hopefully you would answer no.

If no, then why would you go to an accountant for a trust set up?

sorry Amir, I just found your email in the spam folder.

Yes plenty of accountants do set up trusts. But they have no qualifications or licensing to do – a hairdresser is just as qualified.

The accountant will argue they are not giving legal advice, but just providing a document drafted by a lawyer. If so why not go directly to the lawyer who can tailor the trust to suit your needs, advise on who…[Read more]

You shouldn’t go to an accountant to set up a trust as this involves legal advice. An accountant, assuming they are a registered tax agent, can only advise on the Commonwealth tax aspects. You would need advice on the structure of the trust, who the trustee should be, injecting funds into the trust, succession on incapacity and death, stamp duty,…[Read more]

Cross Collateralising refers to using 2 or more properties as security for 1 loan.

Portfolio packages don’t necessarily involve crossing security but it will depend on how it is set up.

There is one well known ‘promoter’ that encourages the use of the St G Portfolio product which is just a big LOC

They way they suggest is terrible and involves…[Read more]

Yes as if separate titles you could finance them with different lenders.

and it will depend on how many units.

someone would generally need an AFSL or be an authorised rep to advise. Best to see a financial planner.

-When you own a company or control a discretionary trust the lenders will generally take your income and the company’s income into account. It won’t matter too much whehter the income is $100,000 in the company and $0 in your name or $50,000 each. It all adds up to the same. With trusts it can vary from lender to lender. Some will refuse to take…[Read more]

Keep in mind it won’t likely be one structure, but multiple legal entities and trusts together with individual ownership

Yes this is common. But you might have a few tax issues if you are artificially diverting income to a company.

In the past I have actually asked the bank and they confirmed it was a trust account.

I agree that doesn’t pass the sniff test!

I am a lawyer specialising in structuring too and have never heard of such a thing!