Certainly stamp duty will vary from state to state.

I think Vic has introduced new rules which would mean stamp duty is payable on the option at the full rate as it you settled on the property – but check this.

in NSW, last time I checked, stamp duty was payable based on the option fee, rather than the value of the property.

Setting up a trust will not help borrowing capacity as the lenders will still lend based on overall borrowings and loans guaranteed.

If you have less debt it will help your borrowing and so will more income. If you are reducing debt it would be good to reduce personal debt because the interest isn't deductible and there is no income produced from the borrowings (such as rent). But if you sell your house and are renting most lenders will take the rent you pay into consideration too.

Probably. These would vary from state to state, but sounds about right. Not sure on the discharge of mortgage as this would belong to the other party.

Notice to complete means the other party can terminate the contract on the due date if you don't settle. They may chose not to terminate however.

If your solicitor received the notice to complete then they certainly should have notified you. I don't think lack of response to a requirested extension will count towards anything.

Another way to get money back to Australia is to set up a US acccount with a ATM card – then just withdraw the money from an ATM here. Charges will vary from bank to bank but maybe around $5.

Hi D

You mean the new laws coming in which will mean fin planners cannot get commissions? I heard about it briefly on the radio, but don't know the details.

I guess people will be relucant to go if they are going to have to fork out money – but the irony is that they may be better off under this system.

Hi Allison

I think you are dreaming sorry. You want to sell half the house – but what about the title and the mortgage? You would have to find someone with $200,000 cash – otherwise they would need to borrow and you would jointly need to take out a loan. If you have them $10,000 pa that is a return of 5%. They would be able to get this by putting their money in the bank.

Companies do not receive the 50% CGT discount. So it is generally not recommended that they be used to own assets that appreciate.

Look at using a discretionary trust.

It depends. You could do it in your name and then there would be CGT and stamp duty on the transfer to the daughter.

Or you could use a trust and then just let the daughter take over the running of the trust when you wish – the only trouble with this is it is a trust asset and therefore no CGT exemption. But CGT won't be payable as there is no sale (though it would be payable eventually) and there would be no stamp duty either as there is no transfer.

Either way it could effect the centrelink entitlements. But if you keep control of the trust it may be able to be set up so she gets even more entitlements by claiming rental assistance because the trust makes her pay rent – you could gift her the rent money maybe.

The downside with the trust is there may be more land tax payable and there any losses will be trapped in the trust.

I've done a $20k cash advance before and then immediately transferred the balance to one of those idscount credit cards. It works ok as long as you factor in the cost of the cash advance and make sure you pay if off right at expiry.