As reader friendly as it is possible.

Wrong set up. Or maybe better, a less than ideal set up. Your accountant is only half correct too.

Firstly it is not such a good idea to have people as trustees for a few reasons. One is asset protection. If the trustee is sued in their capacity as trustee than all their personal assets are at risk.

It is also not good to have 2 trustees for a few reasons:

1. If the trust goes down both trustees go down with it.

2. Personal guarantees are usually required. If you have 2 trustees then both are at risk as will need 2 guarantors.

3. Because of 2 you will have a reduced borrowing capacity.

Your accountant is wrong in that if you are sued personally and go bankrupt then assets held on trust are not property that can be seize by a trustee in bankruptcy – generally.

This is why it is important to get advice when setting up structures.

Too late to consider asset protection once you have purchased a property and too late to implement tax saving strategies (largely).

Each person has to weigh up the costs v benefits I guess.

No.

It is similar to urinating into a bottle of milk and realising your mistake and withdrawing the urine.

best not to assume things, but to look at the agreement you entered into.

Was the spa working at the date you signed the contract? Any special conditions about the spa? What was the wording etc.

Have your solicitor answer these questions. If you have used a conveyancer or settlement agent they won't generally assist too much in this area as it is out of their range.

I think your wording there is out of whack.

you cannot borrow to invest against superannuation. What you can do is set up a SMSF and the trustee can borrow to invest in property (or other single acquirable asset). ie you cannot borrow, but the trustee can (property held in custodian trust).

Sunsuper was voted one of the best industry superfunds in 2012 – recall reading it somewhere.

Realistically what can you do other than settle?

Keys are often an issue – many people don't have keys for various doors in their houses – they may never have locked the door with a key for example.

You shouldn't settle until you get vacant possesion as you will inherit any tenant problems.

Cleaning can be a problem. Do you have any special conditions about this? I had a client who sold and refused to clean and left stuff everywhere – a wardrobe full of clothes. She refused to remove them. I told her it wasn't nice to leave the house like that. In the end the new owners wore it as they wanted to move in and it could have dragged onlong for a long time.

I would suggest the old holding back $500 trick and see what they say. Some people just want their money so will agree. If they promise to come back and clean it later after settlement don't believe this – although it did happen to me last year. Seller came back and collected junk left.

You have no real way of knowing. Ask for personal guarantees – litle help maybe.

How is it calculated? Well if you would have to make reasonable effect to apportion the interest.

If you are renting out half of your house then maybe 50% of the costs. But if you are rent out half of your house for $200 when the market rate would be $400 then maybe 50% of 50% or 25% of the costs.