Forum Replies Created
Hi Paul.
Now there is mutual recognition between states so a solicitor admitted in NSW can do work for someone in QLD and can even act in QLD or another state. But most wouldn't act for property matters because they wouldn't be familiar with the procedures and different state laws.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
only lawyers can draft legal documents. But you might want to talk to a broker about strcuturing loans and a tax consultant about tax issues first.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I would recommend Ton Cordato – google him. He is in Sydney, so am not sure if he could help wtih a QLD transaction.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I woudn't say "minimal" risk – there is a high degree of risk which you have to try to minimise.
Think about the legal side of things
1. Structure.
2. Borrowing structure,
3 guarantees, security for the loan
4. asset protection if you or PIL banktrupted.
5. death of either you or them – properly drafted wills (can save you hundreds of thousands in legals fees later).
6. disputes about releasing secuity/guarantees.
7. Centrelink issues – are they on a pension, and will this be effected
8. stamp duty on releasing an interest
9. land tax
10. writteb loan agreements
11. interest rate – to charge or not
12. terms of loan.
13. allow them to caveat
14. Do a full agreement documenting as much as this as possible
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
yes
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Wayno,
There is no work around. All you can do is to work out what the deductible proportion would be (hard) and then split the loan. into 2.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Wayno,
It is very late in the game, since you have been depositing and withdrawing virtually none of the interest on your loan may be deductible.
Each deposit into the loan is a repayment and each withdrawal is a new loan. So the amount of hte loan that relates to the original purchase of the property would be much much smaller than the minimum balance on your loan.
You need to seek tax advice.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Before you start looking to invest consider some asset protection strategies.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
you would get a credit for lmi paid.
Jamie -Whether…!!!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes and yes
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
hermelinda wrote:HelloI got money from my mother's life insurance.
Now i am thinking where i have to invest this money and where i can get more profit or increase money.
I have three options in my mind.
1- Invest in real estate
2- Invest in banks
3- Or in common stock.
I have no knowledge about last 2nd and 3rd point but have little bit about first option that is real esate.I need some suggestion from experts.
The way you do the investing is also very important.
I would suggest you consider either
80% LVR loan and avoid LMI and put all money left over into an offset account.
Once you want to invest then set up a new loan split and you use that. (if there is equity). DOn't use your own cash as you will lose interest deductions.
If there has been no growth and no equity then pay down the loan and borrow the money again setting up a new loan split (ie not redraw). This will reduce your non deductible debt and increase deductions.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hermelinda
You should seek legal advice. There could be some tax advantages re the insurance proceeds under s102AG Tax Act. I haven't looked into this, but know this section mentions insurance. Certain income from a trust established under a will can be classed as 'excepted trust income'. These trusts can be set up post death too. If you can get the benefit your children may be able to earn up to $20,400 pa and pay no tax. You may not have any now, but think ahead a few years. There could be some very beneficial strategies.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Good news. You are not so crazy afterall.
This is why solicitors are usually better than conveyancers – you need some advice along the way.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You are crazy
Go and see a lawyer asap. The caveat should be in the contract, if not then a copy can be obtained easily by finding the dealing number of the title search and requesting a copy at the land titles office.
If it is a family law type caveat or money lent etc be prepared for this property not to settle.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Many years ago I lived in Japan and the NAB in Japan was offering loans to purchase Australian property in Yen or dollars. Max 70% LVR with rates about 3%. The trouble is the loan was only available for those living and working in Japan and if you ever left Japan the loan would need to be renegotiated or refinanced.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
jmsrachel wrote:You can't be thinking about work at 3am? When do you sleep?Sleep at work
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
jmsrachel wrote:Jpcashflow wrote:1) in order to be successful you need to operate 24/7
Could you explain what you mean by this?
No
sleep?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
This problem won't go away so I have installed a little addon called Yes Script
https://addons.mozilla.org/en-US/firefox/addon/yesscript/?src=api
THis allows you to block scripts. Probably won't assist in keeping my points high but:
About this Add-on
YesScript lets you make a blacklist of sites that aren't allowed to run JavaScript. Use YesScript on sites that annoy you or hog your system resources. One click to the icon in the status bar turns scripts on or off for the current site.
Unlike NoScript, YesScript does absolutely nothing to improve your security. I believe that Firefox is secure enough by default and that blocking all scripts by default is paranoia. YesScript strives to remove hassles from your browsing experience, rather than add them.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Not to mention all the unresponsive script pop ups.
I am posting on somersoft forum mainly these days.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
These days no one uses internet explorer. You are so old fashion Richard.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
