Deposit paid by Super

Viewing 7 posts - 1 through 7 (of 7 total)

McHenry
Member
@mchenry
Join Date: 2005
Post Count: 45
April 23, 2006 - 9:47 am
How is it possible to utilise my deposit to purchase an IP when the IP will be purchased with borrowed funds ?
Thanks
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
April 23, 2006 - 10:40 am
Have a look at http://www.chrisbatten.com.au for some ideas on super.
Terryw
Discover Home Loans
Parramatta
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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cata
Participant
@cata
Join Date: 2005
Post Count: 559
April 23, 2006 - 1:14 pm
It’s a short answer.
Do No Do It.
A super fund can purchase property but must pay cash, no borrowings allowed in superfunds.
CATA
Asset Protection Specialist
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McHenry
Member
@mchenry
Join Date: 2005
Post Count: 45
April 23, 2006 - 1:16 pm
It was this site that got me thinking in the first place…
You need to subscribe at $33 pm
I’ve never heard of him before, is he good et c?
Anyone had experiences with his service ?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
April 23, 2006 - 1:59 pm
Chris Batten is very well known for his strategies. What have you got to lose by signing up? a tax deductible $99?
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with â€œsubscribeâ€ in subject line.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
cata
Participant
@cata
Join Date: 2005
Post Count: 559
April 23, 2006 - 9:33 pm
Be careful in this area. I believe that this type of structure is on the cards for elimination by 2009. I looked further into this for myself and believe that if you go into a structure like this you will need to be out of it by 2009 and so I did not set one up for myself.
Tread carefully but good luck.
CATA
Asset Protection Specialist
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Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
April 24, 2006 - 1:42 am
I am with Colin on this one i would be very careful.
Super Funds are certainly not able to borrow and the use of JV’s with Unit trust or the like will be treading on very thin ice.
A Wrap could be a long term investment and if you nned to change things you would need the consent of your purchaser which may not be so forthcoming.
I have purchased a couple of properties and wrapped them in my SMSF but on each and every ocassion only ever paid cash for the properties.
Richard Taylor
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