yes should be able to. Interest on the deposit too. Don’t forget council rates as adjusted at settlement

Pity the testator didn’t get advice before doing their will as it could have saved you a fortune.

Unless the will allows the transfer to a trustee will be a dutiable event and therefore attract duty. It will also be a CGT event – which may be exempt depending on the situation. There may be ways to avoid this, but probably not if the transferee will be a trustee.

The trustee might as well borrow to buy the property from the estate or C

Has to be careful as he might lose the pension over this.

In that case none of the expenses would have been deductible. But keep records of them as some of the costs could be used to reduce CGT when you sell – not the travel costs though.

Did you plan to build a main residence on it or an investment property? Is there a house on it now?

“3 years ago I used equity in land to buy investment property bonded that land with the investment”
Do you mean you used the land as security for a loan used to buy an investment property?

Lisa wrote:

Hello,
We had sourced quotes and booked a contractor to build a new boundary fence (colourbond), as the old timber one was falling down. Our boundary is shared by an investor. Our issue is we were left with option but to purchase the materials and do the work ourselves. Therefore, we have receipts for proof of purchase, but cannot provide a Tax invoice for reimbursement. I guess my question is; can a investor still claim their share of the new fence expense, with an email trail, receipts for materials purchased by the neighbouring owners and photo evidence?

They could claim anything – but if audited they need evidence of payment and what it was for. Why can’t you give an invoice? no ABN needed

Most accountants think they can advise on trusts and asset protection etc.
But when you think about it they don’t have the knowledge or authority. The tax agents act only permits them to give legal advice on commonwealth tax.
Asset protection advice involves knowledge of the bankruptcy act, conveyancing acts, family law act, equity, trusts, succession law etc etc.

Trust law involves knowing equity, common law, state trustee acts, tax law, family law, succession law etc etc.

Trusts are just a legal relationship but accountants generally think they are entities!

If the purchaser of the land incurs GST on the purchase and they are registered for GST then it may be possible to claim the gst back. But if the intention is to build residential property to rent out long term then you might not. if you claim the GST back and then sell within 5 years then you might have to make a GST adjustment and pay some back.

Speak to your lawyer to confirm.

MarkB wrote:

So if you were Family B, would you expect or assume Family A is automatically liable to pay half of your fence?

No, because it is not on their part of the land.

Was the land partitioned at purchase or has it been?

yuol wrote:

Really Terry!!!
why all the value judgement and you dont know me?
I am a simple OZ guy just trying to hustle and make a living in this tough world.
As you are a structuring lawyer, I believe you have helped people play the system in ways that my little money cant even imagine.
And I am not saying anything you do is illegal, but we can all agree Google and apple paying almost zero tax yet someone like me paying an effective tax of 30% isnt fair. Yet its legal.
If you want to be helpful, you can advise me on the risks of the approach I am taking but dont give me labels Mr.Panama
read my post carefully, the only way of selling I know before settlement is nomination, if anyone knows a better way please advise (legal means preffered as I think this is a legally straight website)

Sorry to have offended you oz guy.

Can I ask why you were wanting someone to ‘pay cash component for the nomination’?

Hi Danny

Sounds like you are an agent contracting with the vendors to me.

Lets leave the debate there.