[zenParticipant@zen007Join Date: 2016Post Count: 46]

July 6, 2016 - 3:55 pm

@scott no mates – yes the stamp duty seems to apply when its transfered to another person/entity, however what Terry mentioned in the lights of the title of our property where the trustee (me) lodge a caveat on the title of the property that is in my name, in agreeance, mortaging the equity to my trust which will incur no stamp duty!

[zenParticipant@zen007Join Date: 2016Post Count: 46]

July 6, 2016 - 2:02 pm

Hmmmm……thanks Terry.

[zenParticipant@zen007Join Date: 2016Post Count: 46]

July 6, 2016 - 11:11 am

Hi Terry, wondering if i was to purchase a property in my name then setup a trust afterwards, can my trust have a caveat over the property? Abit like transfering it from my name to my trust!

[zenParticipant@zen007Join Date: 2016Post Count: 46]

June 29, 2016 - 8:40 am

Thanks Justin, yes definitely will see an accountant about my structure.

Love the interview with Shane from zero to 40million!!! Got some valuable tips and followed him on facebook. Also the guy from holden capital podcast was very insightful and gives me ideas on how I can utilise them in future once I’m financially/equity positioned!!!!

You remind me abit like Tim Ferris – author of 4 hour work week, so your the Tim Ferris of the property development domain :)

Keep up the great work and look forward to many more podcast and learning from you and the interviewees.

Thanking you

Zen

[zenParticipant@zen007Join Date: 2016Post Count: 46]

June 28, 2016 - 9:09 am

Thanks Justin, great reference and website, love it!!!

I’m in the process of becoming a developer in 3 years time, just gotta build my equity in my first property, 2nd and 3rd by 2019.

Question, are project managers for developments, is this tax claimable? Reason is I’m thinking of contracting a project manager to look-after the development on my behalf.

Zen

[zenParticipant@zen007Join Date: 2016Post Count: 46]

June 9, 2016 - 4:27 pm

Yes blast from the past!! @jamie and Richie…. haha ….like reading stuff back then.

Thanks Terryw, appreciate your comment.

I’m in the process of purchasing my very first IP to be settled in August and will get a depreciation schedule done before tenants move in and give to accountant after July 2017 I presume? Enjoying the process and learning along the way, good and bad, keep moving forward.

Cheers

zen

[zenParticipant@zen007Join Date: 2016Post Count: 46]

June 7, 2016 - 10:05 pm

Hi All

Are these accountant fees tax claimable?

Zen

[zenParticipant@zen007Join Date: 2016Post Count: 46]

May 26, 2016 - 5:00 pm

Oh ok, yes will seek their advice on family trust structure, thanks Terry.

[zenParticipant@zen007Join Date: 2016Post Count: 46]

May 26, 2016 - 3:45 pm

thanks Terry, thinking of enquiring at http://www.legalvision.com.au try see how I go.

Also I saw these sites, not sure if this applies to me? https://www.ecompanies.com.au/discretionary-trust/

cost $121 to set up a family trust!!!

[zenParticipant@zen007Join Date: 2016Post Count: 46]

May 26, 2016 - 1:52 pm

Thanks Terry, appreciate. I noted about the land tax in NSW. Will see an accountant about the tax aspects of a trust structure, then a lawyer regarding the legalities of them.

Zen

[zenParticipant@zen007Join Date: 2016Post Count: 46]

May 26, 2016 - 11:08 am

Hi All

Along this subject heading, I am also single and intend to set up a trust. I have a 20 year son and 12 year daughter, son is independent and daughter lives with her mother.

I am a firstime investor and in the process of settling with my first property investment in August 2016, the loan will be in my own name which I would prefer be in a trust structure. The reason I am purchasing my first IP in my own name is because one accountant told me that in my situation (guessing income level) the trust structure is not possible!!!

Purpose of this “structure” is for asset protection and minimise tax. Love Steve’s book ‘from 0 to 130 Properties in 3.5 years’ – on page 161 he talks about these optional structures.

As mentioned my intention is to create a family and unit trusts and have me and my kids as beneficiaries. My question is taking into consideration of all the annual costs associated in administering these trusts (corporate trustees etc….) – can a single person with an income of $68,000 (before tax) create a trust structure? Do I need to seek a property/tax accountant to answer this, if so, do you guys have any recommendations on who I can contact to assist me in setting up these trust structures based on my income level and situation with my kids?

Thanking you all in advance

Zen

• This reply was modified 7 years, 11 months ago by  zen.

[zenParticipant@zen007Join Date: 2016Post Count: 46]

May 22, 2016 - 6:53 am

Thanks Terry, appreciate.

[zenParticipant@zen007Join Date: 2016Post Count: 46]

March 17, 2016 - 8:37 am

Thanks Terryw and BuyersAgent, appreciate your comments. Maybe I need to educate myself in doing things myself through Steve’s steps!

Zen

[zenParticipant@zen007Join Date: 2016Post Count: 46]

March 10, 2016 - 10:17 am

Thanks for your reply ‘TheNewGuy’, Jacqui, Terryw, appreciate heaps.

TheNewGuy – its pretty tempting when LJ Hooker and developer (Empire Global) advertise a $5k off the room price ($274k) and another $5k IKEA gift card (or I can use this towards deducting the room price as well) – I will step back and do more research as the OTP are http://sq1southquay.com.au/ and http://www.northpointwright.com.au/ – very tempting to invest, as agent and developer agreed that I can deposit a $1k so the room is not taken, then pay a further 5% deposit next week and settle the rest in August 2016 with my pre-approved loan from a lender.

Jacqui – yes will take a step back and breath haha….tempting very! My circumstances is that I am single, age 41, I do have two kids 19 and 12 they both live with their mothers, I have no debt, and will have a $22k coming in the next four weeks from my ex who we both signed a ‘binding financial agreement’ from our first property. I have about $2k in my savings and will have about $20k by August 2016. So by August 2016 I should have about $42k to buy my first property investment. My goal is to have about 10 properties when I turn 50. I’ve been thinking of SMSF and Hybrid Trusts for me and my kids, but still researching on the pros and cons on these structures if its relevant for me and my kids financial wealth and pass onto them and importantly teach them so they know the investing game. I’m in the process of seeing a property financial/accountant adviser to create my ‘property portfolio plan’ so I know my plan and not to get side-tracked.

Terryw – great article, appreciate. Tip 4 ‘Bare Trust’ looks important to remember so we don’t get double whammy of stamp duty in the future, thanks mate, cheers :)

Zen

[zenParticipant@zen007Join Date: 2016Post Count: 46]

March 9, 2016 - 11:34 am

Thank you Alistair, appreciate your comment. I normally wonder how can an investor know the market value in 2years for their property? Will do research in this area.

Thank you :)

[zenParticipant@zen007Join Date: 2016Post Count: 46]

March 5, 2016 - 3:51 pm

Thanks sash, appreciate your comment and importantly will do my due diligence as u suggested.

Thank you.

[zenParticipant@zen007Join Date: 2016Post Count: 46]

March 4, 2016 - 8:14 pm

Thanks jimchap131 and Corey, interesting stories from both sides, appreciate. Will do more research and check if this area in canberra is a growth region.

[zenParticipant@zen007Join Date: 2016Post Count: 46]

March 4, 2016 - 3:07 pm

Great information Benny, appreciate your comment. It’s always good to get a second opinion, 3rd and so forth. Yes I think Canberra is leasehold (99yr). I may need to get a financial/property planner to strategise varies options based on my current financial position to invest in my first property.

Cheers :)

[zenParticipant@zen007Join Date: 2016Post Count: 46]

March 4, 2016 - 2:08 pm

Awsome, thanks heaps Corey, looks like its back to the drawing board for me, cos as a beginner I have heaps to learn about this property investing area but love this forum and learning heaps from other peoples experience.

Appreciate and thanks once again :)

[zenParticipant@zen007Join Date: 2016Post Count: 46]

March 4, 2016 - 11:11 am

Happy ending!!! So happy for you Ellifent!!!

In a similar situation, a firstime investor, can anyone tell if its ok to invest in these OTP one bedroom apartments at http://sq1southquay.com.au/ ??

Appreciate your feedback pros and cons.

Thank you :)