This is something I am wondering also – I’m surprised it hasn’t been discussed more here.
As there is no new contract at the end of the wrap when title officially passes, I would imagine the new stamp duty couldn’t be due then – it must be due when the Instalment Sales contract is drawn up, at the start. However I am no lawyer (yet -…[Read more]
I would imagine that the new stamp duty would be due when the Instalment Sales Contract is signed.
That is, a wrapper would pay the normal stamp duty on purchase (calculated on the price at which they purchased the property), as well as the new stamp duty (calculated on the price they onsold the property at) – as long as their markup was 12%…[Read more]
The CGT is calculated based on the number of years you rented the place vs. lived in it. In your case since it would be 14 years as PPOR and 1 year as IP you would only pay CGT on 1/15 of the gain. Mind you its not as simply as that, you would need to get an accountant to work it out, however it would be roughly that amount.
You can’t use the FHOG unless you intend living in the property. However, your wrap purchaser can use the FHOG as part of the deposit they pay you. All they need to do is fill out your details under the ‘who to pay’ section of the form (in NSW)
Can you explain where the loophole is, because I thought you had to have ‘entered into a contract for the purchase of a home’ to qualify – can 12 month year old kids enter into a contract to purchase a home?
I once spoke to an accountant who recommended I change my address with the RTA for a couple of weeks so I would qualify for the…[Read more]
I subscribe to a number of local newspapers which come in the mail… generally you need to approach the publisher for a subscription. If you are looking in Sydney then http://www.cumberlandnewspapergroup.com.au/ and http://www.fcnonline.com.au/fcnnetwork.asp?sydney have a list, and http://www.ruralpresssales.com.au/ seems to have a…[Read more]
Saturday morning at 10am in Sydney on 2UE (AM 954) is Residex’s John Edwards with ‘Find Me a Home’ (www.findmeahome.com.au), where people can register to call up and John will assess the value of the home, and talk about the real estate market in that area, etc.
I have found it quite interesting
Purely on the basis of prices you might want to look at Glen Innes/Inverell/Uralla as well as Bourke/Cobar and Broken Hill.
Depending on what type of transaction you are looking at doing, it may not matter whether the population is declining or not. For example if you are wrapping there is a good chance that you won’t ever need to worry about…[Read more]
I have enjoyed immensely reading this post.
I am the first uni student who is willing to admit it I’m studing Finance/Law. I also work part time in a Stockbroking firm and have previously worked in Banking. Currently studying property and trust law which sounds a lot more interesting than it is!
Is that $1.05 million? Wow – well it depends on your attitude toward debt and how leveraged you want to be – if you used it for multiple property deposits then you certainly have the opportunity to make huge gains, but perhaps you could look at going for a 60 or 70% lvr on some higher capital growth properties (which might be +cf at…[Read more]
Welcome to the forum.
I’m sure you will find most of what you need to get started in Wealth Guardian… although it is unlikely anyone will tell you the “right” way to set up a trust because there isn’t one!
Broadly speaking there are three main types of trusts (that I am aware of):
a) Discretionary trusts
b) Unit trusts
c) Hybrid…[Read more]
Why do you need to sell it? My advise would be not to sell it just because you have decided you want to go +cf… There may be room for a negatively geared property in the portfolio if:
a) There are high rates of potential Capital growth in the area (thus potential to borrow against it for +cf properties – remember you can personally…[Read more]
Lots of questions…all which generally have the same answer, that is – depends on your investing goals!
Put very simply, it’s caused by a change in legal ownership of an asset (shares, property…etc)
Wealth Guardian is a good…[Read more]
Your question on structuring really depends on your current financial situation and your investment goals. However…
The three structures you mention:
1. Company as trustee – this is the best structure according to Steve’s Wealth Guardian because it allows asset…[Read more]
Make sure you have another reason for setting up a family trust other than to save tax – the ATO scrutinises people who don’t appear to have any other reason for it.
Maybe a better idea would be to distribute some of the trust’s income to yourself as well.
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