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I beleive option fees are taxed as capital gains in the year of receipt.
Terryw
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Ok, you should probably get the valuation done on your property first, otherwise, you may come in short of funds if your valuation comes in lower.
I spoke to a loan assessor today at a major bank, and he said 80% of valuations for loan increases and refinances were coming in lower than expected.
Terryw
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There is no register for property. You need to determine which name to put the property in. ie your own, you and spouse, a trust, or combination.
When considering things, take a long term approach. Putting a property in the name of the highest income earner may give you more tax deductions now, but long term what will happen if your rent goes up, and you sell for a large gain. Look at setting up a trust of somesort if you are planning to own a few more.
Terryw
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You generally cannot borrow more than the house is worth. If you have the money for 20% now, why not borrow 95% and keep some money for renovations?
If you buy at auction, then the price you pay will be market price! It may be hard for you to get a valuer to value it more in the short term. If they do, banks will generally want you to wait 3-6 months before they will increase you loan. BUt you could always refinance with another bank and do it that way.
Terryw
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Originally posted by Cata:. The down side is that you don’t get to accumulate any CG loses either which is more my track record with shares. [blush2]I was going to say something similar. If you are overseas working, you could be classed as a non resident. If you make money here while classed as a non resident, you could be charged even more tax than normal. I think there is no $6000 tax free threshold and there is a rate of around 30% payable.
But, I am not an expert in this area, and this situation has never happened to me. Pity Coasty Mike is no longer here
I am not an expert in this area, but I know some who are that would disagree with you Elka. I think it depends if you are leaving for good or not, and where you are going.CATA
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Be very careful with written offers, if it is accepted, you could have a binding contract – which you may not be able to exit.
Terryw
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bantacs.com.au
Terryw
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There are two main LMI companies, maybe your current lender is only using one of these? Which lender are you using?
Terryw
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You can always withdraw your offer before it is accepted and submit a new one.
Terryw
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I beleive it is done by having a meeting between yourself and the trustee. You then dismiss him/her/it and then appoint a new one. This is recorded in a minuite of the meeting.
What you have to watch out for is, the new trustee will have to go onto land titles for any property owned by the trust, and new loans will have to be established.
But, Cata is correct. You had better get prof advise – especially if you have property owned by the trust.
Terryw
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Often real estate databases often have telephone numbers for the property I used to subscribe to one, but it only had NSW properties.
Of course, this is only of use if it is an owner occupied ppty. If it turns out being a rental, you could try the white pages, etc.
Terryw
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And, I should add, if there is a profit, then this would go to the owner of the property after all loans, interest and legal expenses etc had been paid.
Terryw
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If a mortgagee takes possesion of a property and sells it, and there is a shortfall, they will go after the person who borrowed or guarranteed the loan for this shortfall. They will be taken to court if necessary and a judgement may be issued.
Once they get a judgement, then they have to enforce the judgement. they can do this by getting court orders to take possession of property (cars etc), garnish wages or bank accounts. If all this doesn’t work, they can then apply to bankrupt the person.
There is not much a person can do to avoid this. No lender is going to negoitate a mortgage contract to exclude the possibility of this happening – unless maybe if you are a very big client.
Terryw
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Originally posted by Property WA:Thanks Cata,
But does that mean that income and/or losses will be trapped in the company as opposed to being passed to the HDT for distribution?
Don’t forget, losses cannot be distributed from a trust. Only income can.
(Hybrids enable the borrowings to be done through an individual who claims the interest.)
Terryw
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Elka
Just reading through that new trust book now, it seems trusts are fairly safe in family law situations. Though they may not be 100% safe better off with one than not.
Terryw
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The owner would be the company, so XYZ Pty Ltd as trustee for the Smith Investment Trust (check with your solicitor)
But the loan should be in the unit holder’s name, not the company. Who this is would depend on your situation, but would probably be the higher tax payer in your family.
Terryw
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Originally posted by elkam:Is it readable for the layman or do you need some accounting / legal background. [grad]
Can I get the ISBN number from you please?
Thanks
ElkaHi Elka
The book is $250!!!!!!. It is fairly easy to read, I think, much easier reading than Chris Batten’s stuff, but a bit more advanced than Dale Gatherum Goss’.
Check out some libraries before purchasing. (They have it at UNE Law library)
http://www.cch.com.au/fe_ps_details.asp?product_id=4697&topic_code=3&top_selling=true&bhcp=1
[blink]Terryw
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Hi Cata
Thanks. No bad experiences yet, but you never know. I am just interested in structuring for some strange reason!
Terryw
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He could argue that you purchased his share as trustee for himself. A lawyer should be able to draw up something to document this.
Terryw
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This is probably aimed at preventing the onwers from selling to anyone else and/or increasing the loan. How long is settlment? It does seem to be unusual!
Terryw
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