Forum Replies Created
Its not in the vendor's interest to accept less than 10% deposit. If the purchaser doesn't settle they then have to go to the trouble to sue the seller and then extract the money – which they may not even have.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Hi Scott
Yep, many agents insist on getting a deposit large enough to cover their commissions, but really it would be up to the vendor to decide.Not sure about the rights of the agent being protected though. Did you have any particular clause in mind?
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
Hi Swampy
There is not reason to give them a bonus for selling for less than you want.
If you want $520,000 then give them a bit more if they achieve this. If they get more than $530,00 then you will be happy so give them a higher percentage still.
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
Hi Colin,
I don't think lease options fall under the NCCP as they are not defined as credit. So no licence needed,
Installment contracts would be credit and you would need to be licenced – but even then if you had 2 years experience I don't think a cert IV is needed yet – but will be the minimum requirement in a couple of years. (just going from memory here).
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
Make sure you get a good hybrid too one with a private ruling.
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, hybrid trust.
ATO has no problem with them if they are set up correctly.
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
excel?
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 sounds like dangerous advice to me!
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
As long as they send items to your conveyancer it will be enough. The same as sending them to you.
They should be acting in your interest and should be independent of the developer too.
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
But did your lawyer get a copy of the plan?
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
one chance at what? Like a get out of gaol free card? I don't think so.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
For the period you claimed A as your main residence property B would lose the CGT exemption.
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
Nope.
There is a limit of one main residence at any one time (except for a 6 month exemption when moving). So if you claimed property A from July 2011 to Aug 2012, property B would be be able to be exempt during this time even though you may have been lviing in it all this time.
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
paulandjo wrote:All I can say is thank you so much for all the advice and I will def look at all options!! So many!!! I think that selling the neg geared property and making a loss wouldn't be so bad after all too. At the end of the day though i have no problem paying lots of tax, cause as said by someone earlier, "if you're paying lots of tax it's because you're earning lots of money". Ultimately wealth creation is our priority, for us and our kids.Thanks everyone!
Jo.
Ps…..continue with the advice if ya think of any more…Jo,
I think you should only be considering getting rid of a property if it is not performing and is unlikely to perform. It wouldn't be a good idea to sell the negative geared one if you think there is capital growth around the corner (but this is trying to predict the future a bit).
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
Quickchick
An adult can earn up to $16,000 pa without paying tax. Jo said she is not working, so could receive a distribution from a trust up to this level (think it is a bit more) and pay no tax – assuming she has no other income and no other 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
I don't think so. It comes down to ownership – legal or beneficial.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Colin,
I don't know that would work. You could assign an interest in your property, but if legal ownership didnt change then the tax deductions wouldn't change. ie expense portions between the spouses.
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
There would be nothing your solicitor could do as the tenant is not yours. He could only suggest you not settle, or settle and then he could start legal proceedings to kick them out (at your expense!)
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
It could be a good idea to rent as you can rent out your home and still keep it exempt from CGT for up to 6 years. If your husband runs a business from home then you would claim part of the rent too.
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, the contracts would be binding (assuming all requirements met), but that doesn't mean people will honour 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
