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Viewing 20 posts - 61 through 80 (of 16,113 total)
  • Profile photo of TerrywTerryw
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    @terryw
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    Mortgagees have fiduciary duties to get the best possible price and so do executors. They are also more difficult to negotiate with so I think this will be a hard way to find an undermarket value property.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    Which would make you more money? How would you fund the GF?

    Often adding a granny flat won’t add as much value as they cost, but they can increase the rent a fair bit.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    Accountants can only advise on the commonwealth tax aspects of trusts. You will need a lawyer for proper advice as Trusts are complex legal arrangements between beneficiaries and the trustee involving obligations over property. Trusts are not separate legal entities for example.

    Borrowing capacity would be potentially more with a trust (could be less too!)
    see https://www.propertyinvesting.com/topic/5031860-trust-strategies-to-increase-borrowing-capacity/

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    best to see a lawyer if you want to consider asset protection as this is legal advice after all. You can achieve asset protection while retaining legal ownership of assets, but how you set it all up will depend on what you are trying to protect yourself against.

    Maximising borrowing capacity is credit advice so you should see a broker about this.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213

    Perhaps you might have some recourse to insurance, although you did give him permission to be there so he is not trespassing.

    Best to seek legal advice.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    wow!

    Even if finance is approved would you want such a guy building for you?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    If you borrow more money the interest deductibility will depend on what the money is used for. if you build a shed on the same property the interest on this will generally be deductible if the property including the shed is rented out.
    But if you borrow to recoup cash paid the interest will not be deductible.
    if you do this you should split the loan into 2 portions. The shed cost can go on the same loan, but the personal recoupment on a separate loans.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213

    best to not let an accountant decide whether a transaction is a loan or not.Take some tax advice and then get legal advice on the consequences plus how to record things. Mere accounting notations are not enough.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213

    How did you contract with them?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    Then why are you concerned?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    Shares of a jointly owned property are fixed at settlement. You will either own as tenants in common which could be 50/50 or any unequal % or as joint tenants which is considered 50/50 for tax purposes.

    It is still possible to use strategy 3 – one joint owner selling their interest to the other joint owner. Must be the whole interest though for this to work. i.e. end up with one owning 100%

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    No such thing as a love clause!

    You could sell to your spouse, but this would result in duty in VIC. There used to be an exemption for transfers between spouses, but now only if gifted and end up 50/50 owners.

    Here is a link to an old thread on here where I outlined 13 strategies you could consider:
    https://www.propertyinvesting.com/topic/5037824-13-strategies-for-when-you-move-out-of-the-ppor-and-want-to-keep-it/

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213

    Not transferring title doesn’t mean that CGT doesn’t apply. In many cases it does
    a) granting an easement
    b) granting a life interest
    c) declaring a trust
    etc

    Yes I could review legal documents for you. I testamentary trusts are a speciality of mine. Was it drawn up after legal advice? You can email me direct if you wish.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    But then again it might.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
    Participant
    @terryw
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    Post Count: 16,213

    Thanks Jacq

    I could view that page even without being a facebook member.

    There is a link on that facebook page to a private binding ruling from the ATO:
    https://www.ato.gov.au/law/view/document?docid=EV%2F1051448104408&fbclid=IwAR3zSnp9aviI6ahdprn3ovHXEfpX8Z9v7O5pAZKFwzJ7PnJ79PgKLbnPlIc
    Authorisation Number: 1051448104408

    These rulings only apply to the person that makes the application so they cannot be relied upon by others, but they are good to read as the ATO will answer and explain their answer.

    It seems this applicant entered a deed which assigned their equitable interest in assets, possibly land, to the trustee of a discretionary trust. It is well known, common knowledge, but tax practitioners that this would cause a CGT. Change of legal ownership won’t but change of beneficial ownership will.

    But merely gifting ‘cash’ to a trustee and borrowing it back will not be a CGT event because cash is not a CGT asset.

    From what I have seen it would be unusual for an asset protection lawyer to recommend an assignment of an equitable interest like this.

    This private ruling may not relate to the Grubisa system.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213

    who owns the property?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Hey there,

    What ended up happening?

    I’m really unhappy with the service. I signed up too.

    Check this FB page if you are still having issues. There is new light being shed on Capital gains tax – equitable interests – transfer of assets to trust. New ruling from ATO.

    Cheers

    What is the link for this please.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    This is trick as there are different aspects so you would need tax, legal, credit and financial advice.

    Probably best to check with a broker first that your potential smsf trustee can in fact borrow. Macquarie have just pulled out of SMSF lending so there is a dwindling source and lenders out there. I can only think of one, Latrobe, off the top o fmy head.

    If you can’t get finance then there is no point in getting legal or financial advice.

    If there is then next step would be to seek out a financial planner (AFSL licenced) who should work in conjunction with a lawyer.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Hi Property Buyer

    I will try to squeeze you in, I think you may have emailed me but I am not sure of your real name now so could you please send me another email with your phone number and I will give you a call.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Has the property always been the main residence?
    Ever income producing before moving out?
    claimed another property as the main residence during the same ownership period?
    spouse had a different main residence during the same time?
    land less than 2 hectares?
    Tax residents?
    Not owning as a trustee?

    If none of the above applies it would probably be exempt from CGT.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

Viewing 20 posts - 61 through 80 (of 16,113 total)