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.

You are missing my point it seems. You said you act for the purchaser, so you would have a contract with them. If nothing in writing then it would be an oral contract. This is a potential conflict of interest as you are representing 2 clients on the opposite ends of the same transaction.

What happens for instance if there are negotiations done – which there would always be. What if there is a defect with the property and you don’t tell the vendor, what if you are privy to some important information about the buyer that you don’t tell the vendor etc/

But the vendor pays?

You might want to get some legal advice on that.

Danny wrote:

Hi Richard,
Thats correct. The properties we introduce to our clients are either to be built, new or near new.
Kind regards,
Danny

How do you make money in that case Danny?

First probably find out if you have a choice. See a broker and see if you have any borrowing capacity while you have the debt in place and then compare to as if you had no debt.

Then consider what you should do. I would probably advise to pay off the debt first, but I don’t know much about your situation,

Victoria?

Have a read of the relevant section. Off the top of my head i think it could be a condition.