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  • Profile photo of RMAARMAA
    Participant
    @roslyn77
    Join Date: 2004
    Post Count: 21

    We have some friends who signed a contract to purchase a block of land OTP.
    Their circumstances have changed, titles keep being delayed, so they made the decision to sell.
    They actually had it promoted to them by the land sales agent that they can help as they have plenty of people happy to do an ‘under the table’ deal of taking over the contract via nomination and then doing a cash deal on the side.
    I know that they have proceeded via this manner and I know in which estate they purchased from.
    Would this be something people would report to Consumer affairs (Vic) or MYOB?

    • This topic was modified 2 years ago by Profile photo of RMAA RMAA.
    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282

    Definitely not to MYOB 😉

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
    Email Me | Phone Me

    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of blackhotelblackhotel
    Participant
    @blackhotel
    Join Date: 2010
    Post Count: 139

    I’m one of these buyers. I was a buyer of a unit in NSW that was previously sold off-the-plan and then on-sold to me with an amount of cash given to the seller, as you say ‘under the counter’. Just because someone is paying in cash it’s up to the seller to declare this cash and maybe they do. The seller I dealt with was a business man and he declared this cash as income into his business (prior to GST introduction). My motto is – what goes around comes around when thinking about reporting anything or anyone to the authorities.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Anti money laundering legislation breached? Potentially serious crime.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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