What does the book say?

CGT = proceeds less cost base

cost base would be apportioned between the 2 on a reasonable basis. Might be based on land area or valuation generally.

A member of a superfund could potentially buy off the trustee – but seek legal advice as many issues.

not if you are a beneficiary of that SMSF

Its a mistake to think a ‘trust’ equates to asset protection.

It comes down to several things such as

a) terms of the trust deed

b) structure of the trustee

c) funding the trust

d) documenting things

e) transactions

As an example I have seen many people that might set up a trust, usually with an accountant, who have never read the deed. They paid the deposit on the property and then make the loan repayment on the trust’s loan.

If they went bankrupt it is easy to argue the trust does not exist, or the trustee holds the property on a resulting trust for them. So no asset protection at all.

To check, if the solicitor is holds a NSW practicing certificate you can search here https://www.lawsociety.com.au/for-the-public/find-a-lawyer

Search for the solicitor or the firm name.

There are similar ones for other states.

Lawyers must renew every year.

Sometimes non-legal firms provide documents which have been drafted by a lawyer. Unless that firm itself holds professional indemnity insurance you would not be covered if things went wrong. You could not sue the lawyer either because you would only have a contract with the intermediary firm.

My company is an incorporated legal practice and covered for legal advice. I specialise in estate planning, asset protection and structuring.

my website is terrible and they are getting all updated at the moment.

1. comprehensive legal advice is needed.

2. you or the entity would probably want to borrow it if possible. no relevant information given. have you a paid off main residence? Excess cash  you can use etc.

3. heaps – death, family law, incapacity, bankruptcy, land tax, stamp duty, CGT/Revenue, serviceability, income tax, asset protection, estate planning, trust law, corporations act etc etc.

Changing to IO will result in a reassessment.

Have you spoken to the lender to see if they will allow the substitution of security to a term deposit?

Not available as far as I know

There is no such thing as a standard trust. There are multiple ways that the deed can be worded and these will have long term affects.

Don’t see an accountant as this is legal work, see a lawyer and get an idea, with their help on how to structure the trust and word the deed.

Answer is not correct – generally. When someone behind a trust dies the trust will keep going without the assets passing. Trusts can last up to 80 years and it would only be when they vest that the assets come out, and who they go to will depend on the wording of the deed. It will probably be one of your grandkids running it by this time.