What in particular do you want information on MsTrump?

If it is trusts and land tax in SA then first port of call should be to Revenue SA – the govt department responsible for administering land tax
e.g.
https://www.revenuesa.sa.gov.au/taxes-and-duties/land-tax/land-held-on-trust

Then have a look at the law
Section 13 of the Land Tax Act…[Read more]

There are ways to structure things so you don’t pay land tax. Depending on the state:
spouse
company
trust
smsf

you can always buy in a different states too. NT has no land tax.

But of course land tax is only one thing to consider.

e.g. TD 92/135
Income tax: capital gains: is the main residence exemption relevant when the proceeds of sale of a dwelling are treated as income under ordinary concepts?
1. No. In cases where the sale of a dwelling gives rise to income under section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997), for example. as part of a business or from…[Read more]

You don’t give the state of purchase.

Tenants in common and Joint tenants generally treated the same as most states assess the owner as one unit. In NSW the primary taxpayer = both of you. One threshold between you. If either of you own property separately then your share of the jointly owned property will count to the threshold for the second…[Read more]

I recall, way back, Steve saying:

1/3 income to live on
1/3 to invest
1/3 to pay down debt.

Not a bad way to do things I think.

I advise on on asset protection and trusts etc, but I generally try to talk people out of using trusts to own property. Probably less than 10% of my clients use them to own property. Asset protection (on bankruptcy) is generally not an issue for most people, even doctors. I have yet to see a doctor sued for negligence and in most cases their…[Read more]

Asset protection involves legal advice so best to seek a lawyer. You need to carefully consider the bankruptcy act and the conveyancing act in your state. One way to gain extra protection is through related party loans with registered mortgages. But this has to be done in a commercial manner of the result will be like a wet paper bag!

What does Destiny charge for this service? You should ask whether they are licenced to give the appropriate advice. Generally no licence is needed for property advice as it is not a financial product but any advice will involve legal, taxation and credit matters.

Short answer is yes it may be possible.

Only a good idea if you don’t have a non deductible loan.

You will have to gather whatever evidence you can. Utility connectations and usage, mail, photos of you and your possessions there, drivers licence, electorial roll etc.

You don’t need a financial planner but a lawyer as it seems you have negative net worth and you could be tinkering on bankruptcy. It sounds like all your properties are cross collateralised and you may not be able to release the mortgage even if you managed to sell a property. I wouldn’t borrow from family as it may be unlikely you will be able to…[Read more]

But often the land tax savings will outweigh the potential 5% or so in savings. Plus the franking credits could possibly reduce the CGT if income distributed to a discretionary trust shareholder and the to family members on low incomes

Sounds like they charged you a fee for things which others provide for free. not sure if any of the above are something FOS can investigate. You seemed to have entered a contract with them to provide services which they provided.

Maybe contact the dept of fair trading in your state first, and ASIC investigate these marketing schemes involving…[Read more]

Over the years I have changed my mind on using a company to own real property. I made a long post about this on another forum, but it can be beneficial to use a company because of the separate land tax threshold in some states such as NSW and also the ability to retain income and to pay it out at a future date with franking credits.

Certainly it…[Read more]

You should retain evidence in case you are audited. If the ATO sent you a letter asking for evidence that the property was your main residence what would you give?

One reason you may want JT over TIC is because on the death of one owner the survivor becomes the sole owner automatically, outside the will (this is for JT). Regardless of what the will says the survivor will inherit. This may also reduce the chances of the property being attacked if the will is invalid or if there is an exspouse or others who…[Read more]

Yes it is possible.

yes you could change from TIC (owned 50.50) to JT generally without stamp duty. But why would you want to? This is an ownership structure change but will also need consent of your lender as they hold the title deeds.

All property is subject to CGT. However there are some limited exceptions such as a property being your main residence, being under 2 hectares, not used to produce income etc.

A property can only be your main residence if it is your main residence – i.e. you have to reside there. Move your stuff and live there sort of thing.

And just because you…[Read more]

How you structure ownership may also hold you back. A company is an usual way to own (did you set up this for land tax in NSW?) but you can limit guarantees by strategically choosing the director. This will free up the borrowing capacity for the non director. Sometimes one spouse will own but both will be on the loan. If this is not needed for…[Read more]