Give family and friends gifts that you can deduct!!!

Terryw
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You can find out their name by doing a title search for about $10 online. Once you know their name, it still may be hard to find them though. I htink councils would be reluctant to give out that info. When I was in the police, they would give the owners postal addresses to us over the phone, but some councils were reluctant.

Terryw
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Tam

you had better talk to a solicitor about this. I beleive it would be possible to do. There are stamp duty and CGT implications, but if a trustee is changed (to your mum) and the beneficaries remained the same it would be possible to avoid these taxes. check out http://www.taxlawyer.com.au look for ‘resettlement of trusts’. BTW, you and your mum would both be beneficaries automatically in most trust deeds due to your family relationship.

Terryw
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Hi. P

your accountant is correct (sort of), the trust distributes the money to individuals who pay tax at the individual rates, so in effect the trust is paying tax at individual rates.

And don’t worry about trading history for the banks. They will accept a trust one day old, because they focus on the trustee not the trust. The trustee (or director of a trustee company) must give personal guarrantees.

Terryw
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Hi again. Your family trust wouldn’t be taxed at all. Only the beneficiaries are taxed, and usually any company that you have a share in is automatically a beneficiary, therefore you could distribute pre tax money to your company.

Terryw
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Also, hopefully you may have equity in existing properties to draw on for deposits.

Terryw
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The trouble with partnerships, is that each partner would be responisuble for the whole debt-not just their share. I owuld form some sort of trust structure, probably unit trust with a hybrid as unit holder. Keep you son out of being a director/trustee. Since you are the money man, you will need to be on the loan, but your son doesn’t have an income so he should be ‘saved’ for future use. ie when you run out of borrowing power and he has some income he can be the trustee of the next trust. You could still have a partnership agreement behind the trust.

also, I am interested to learn why are your selling your negative geared property?? I did the same thing a few years ago, and now wish I hadn’t.

Terryw
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There may be many other costs not included in the package incuding landscaping, fencing, driveways etc.

Terryw
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Hi Flop

If you are selling you will be up for some legal costs, real estate agent’s fees (about 2.5%), loan exit fees etc. And then when you buy you will be up for stamp duty, loan applicaiton fees and legals etc.

Also do some sums on what it would cost/benefit if you rent out your home without selling. You could rent elsewhere, and acess your existing equity in your home to buy more.

If you are selling, then you can’t really use the equity in your house.

Terryw
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If you have enough equity, all you have to do is to apply for release of security for your properties (just hope your not with the NAB!). Maybe one at a time would be the way to go.

Terryw
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