Mensch

I spoke to my accountant on Monday and he stated that achange of trustee does not contitute a CGT issue as the asset is still owned by the trust. This accountant has written a 200page book on trusts, so i accepted what he said.

I will put my own home in the trust if i rent it out. The house is worth about 150k and the rental income…[Read more]

Hi amit

you can both be trusttees of the trust.
If you want to later you can set up a company to be the trustee, therefore a corporate trustee. All you need to do is change the trustee this will not contitute a sale therefore no CGT is applicable. But you may have some issues with your loans. In the case where you are a trustee you will buy the…[Read more]

Hi all again

RodC
yes i will have to pay stamp duty, if i decide to place my home in the family trust.

Stefank
you still have assett protection in a family trust even if it is not a corporate trustee.

Mensch
Boy i’d hate to see your accountants bill each year. why the need tohave multiple trusts as benificaries? Is it nessassary.
westan

Hi Guys thats a tricky one

i’m inclined to think that if you are buying in regional areas you can still buy today if you buy carefully. I think that the market may slow down but i would be surprised if it dropped by a great amount. where are you looking ie what state and capital city or regional.
thegovernmentis looking at housing affordability…[Read more]

Kristine

i agree with the accountant about the company structure because
1. costs to set up and administer
2. Could be a higher tax bracket always 30% tax.
3. no provision to get the 50% Capital Gains free of tax.
westan

yes, there are even better areas keep looking.

One warning about tas. Avoid some suburbs of Hobart , Clarendon Vale in particular is a bad area (i mean real Bad). i luckily sold my house there after 5 yaears of continual problems. i would never buy there again. There are other bad area on the east shore but some great places also.
Do your…[Read more]

Hi Gocat

go through the seach facility and you will find a lot of discussionabout country Vic. My experience is rental demand is strong in Victoria out side of Melbourne. With the Govn’t new emphasis on housing affordability this will only help regional cities and towns. If you want specific advise about a particular town reply to this post but…[Read more]

I know of a bank down here in Victoria who was lending for relocation of homes. i relocated a house 6 yrs ago and didn’t use this bank but the relocation company said that the local Westpac had approved loans like this.
westan

Hi amit

i own our own home in our name, so when we sell we are exempt of CGT. However i’m thinking about renting it our so i will probably sell it to the family trust.
All of my Properties are owned in a Family trust. I am the trustee and the properties are still in my name but purchased in my capacity as trustee.
The reason for the trust…[Read more]

hi Recoveryman
welcome back to the forum

that speeling has difinatlee improoved.
I’m a shocker at spelling but i’ve descovered you can edit your own messages which i have done sometimes when i’ve been embarressed over my spelling. (see i can’t even spell that how about a spell checker on the forum?)

Firstly i’m interested in the SIM card is it a…[Read more]

Congrad’s on the New IP. so tells us about it, without giving to much away, what price, rental etc.

Can’t wait for the duet

regards westan

Hi Guys

Banner in regard to maintenance. i had one hot water system go in 4 years then in the past 2 i’ve had about 5.
If these houses are older then by doing mainenance will it add to the value? Sometimes a coat of paint which would cost say $500 (if you do it) can add 10,000 to the value of the property. I’ve had properties that i painted…[Read more]

Hi banner a fair Question.

i’ve got 20 properties and they are nearly always occupied. i have only one place vacant the tennant moved out last week. I’ve had 10 of these properties for over 5 years and i’ve never had more than 3 vacant (i can’t even remember that). Usually i have none vacant. Because my properties were cash positive i could…[Read more]

Hi alf

I’m inclined to agree about the negative Gearing senario. Certainly this person would need to reduce their risk by fixing interest rates and looking at their serviceability. if they are already struggling to make it then you may be right and they should sell. However one other factor to consider is rising rental incomes which may help.…[Read more]

On the weekend a group of Australia’s leading business people got together in Hayman Island. Those present included Billionairs, three State premiers, and leaders of Banks and Business.

These are some comments reported in the press
“On a housing bust, National Australia Bank chief executive Frank Cicutto said NAB had done all its modelling and…[Read more]

Hi mini

you need to write a book also “the adventures of a mini mogul”.

i look forward to the next adventure.

who went to see Mini’s gig the other night and how did it go ?

regards westan

Welcome back Muppet

i started to think you must have fallen off MtRuapehu.

regards westan

Well he started it.

no just joking, i enjoy our friendly (sometimes) banter.

Anyway it was you who started it Beancounter so its your fault.[]
Actually beancounter i thought most of our discussion was around investing. but i will do my best to be less confrontational.[]

westan

Hi guys

Gee Ballarat was cold this morning, i passed through at about 7.30am. Avid a trust wont help because the profits from a trust must be distributed to the benificaries, (or else it is taxed at 66% i think). Unless there is a partner or kids in lower tax brackets. just watch out with CGT because if you sell in the first 12 months then you…[Read more]

Hi Kristine
have you got one of those RACV accomodation Guides
they have the population for all towns/cities
regards westan