Why not do both. Buy an home ot live in, live in it for 6 months and then rent it out and claim the deductions while paying cheaper rent elsewhere – and you will still be able to claim it as your main residence and hence CGT free status – if you do it right.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Hi Maximus

When applying for low docs, the only proof of self employment needed is the ABN. They may also ask what sort of business you are invloved in and you will have to list an income.

When applying for an ABN, you cannot use a name, other than your own, unless you have registered that name with the department of fair trading. Many people just use their own names for business, and get an ABN.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Foundation

Yes, owning assets under a trust means they are not your assets, but belong to the beneficiaries – one of which may be you.

So if you go bankrupt, these assets are usually untouchable.

But if you have given a personal guarrantee, that is a totally separate matter. eg say you started a business in a shop under the trust. The land lord in not going to accept you as a tenant unless you give a personal guarrantee. Otherwise you could close the shop down tomorrow and he would have no tenant.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Good post Mike, and some good points too. I wouldn’t recomend anyone to setup a hybrid trust themselves, also getting some good advice is a very good idea as you could save the fees in no time.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Is a disability pension classed as taxable income? If so, then he could claim negative gearling benefits. But the amounts of tax saved would depend on how much income he is receiving – being a pension, i imagine it would be low.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Sounds like a good plan.

Since you are both eligible for the FHOG, you may wish to consider buying one property in one name initially. This will enable you to get a another in your partners name later on with the grant – assuming you are not a defacto couple!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

If buying online, I would stick to one of the HDT experts such as http://www.chrisbatten.com.au and … another whose name I forget!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Island. If you can keep coming up with deposits, then you can keep getting loans. The further you go, the larger the deposit needed will be, and the higher the rate. eg. 7.75% for about 70% LVR.

If your properties are located in country areas it will be much harder to borrow like this.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

There’s not much asutralia stuff around, have a look at

http://www.aiex.com.au/
IMPORT PROCEDURES MANUAL
Author : John Brooks (AIEx)
Price : AUD77.00 (RRP only)
(Postage/Packing) : included in above price (within Australia)
GST : included in above price
Description : An excellent text to improve your understanding of importing. This comprehensive publication focuses on the process and procedures of importing. Key chapter headings include Import Documentation, Physical Distribution, Inventory Management, Import Finance and Costing for Imports. The author is an experienced international trade professional and has consulted to Australian and International Governments as well worked within the private sector. This easy to use manual comes in a handy folder format.

and

http://www.import-export.com.au/

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

http://www.lawcentral.com.au
http://www.cleardocs.com.au

etc

I personally use lawcentral. costs about $257,

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]