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I live near Wagga Wagga does anyone know a Broker I can talk to in this area.
I might not have used the exact terminology but I set up the means to do this with my Lawyer a while back so I know I have the right structure in place, I got a really good guide from Kris Kitto that was very helpful in doing this. Best $50 I ever spent.
Thanks would be interested to know institutions loaning less than 200,000 was thinking of extending the redraw on my own home then lending to my fund company via a leagal mortgage but if single property is the barrier better leave this alone for a few years.
Another Stamp Duty Question, in 2004 I bought three seperate properties (flats) in the same building in Victoria and the State Revenue calculated the purchase as a single transaction more than doubling the stamp duty even though they were three seperate flats and contracts of sale.
Today I am looking at two units in a set of six in NSW each a seperate deal with two different agents. Will I pay the stamp duty per sale or will I again hit this same issue where the state revenue will lump the purchase prices together and base the tax on the total figure.
Lets face it, Tax offices never miss a trick.
Looks like I opened a can of worms here, sounds like there may be issues with the joint ownership.
My wife and I own 58% of the property and the Super fund 42% and there are no borrowings against the property.
As the property has super fund involvement we can not borrow against it hence the option of making it 100% super fund owned through an undeducted contribution.
Well thats the current thinking anyway.
Oh the property was settled in 2004
ASB Alpine
What body would control such accounts in Victoria and where could I get a copy of the legislation and consequences for breaches
ASB Alpine
Just a quick question???????????
“Alpine property has very different rules to other investments”No I meant Alpine Properties are different in the way you market them , rent them ect as you earn your income over a very short period of time. They are also on leased land not frehold so there are a lot of checks you need to do such as term left on the lease and requirements for renewal and the cost associated with this.
Yes I have an independent audit done, I do the remaining books myself.
ASB Alpine
Originally posted by Property WA:Hi ausi ski bum,
Just wondering how much of a % your IP takes up as a proportion of your SMSF investment portfolio?
Do you find that all outgoings (maintenance, management fees ect) and income received must be paid for and received on the same 60/40 split?
Have heard of several people wanting to move into this but the paperwork, time and costs involved were to significant. Good to hear someone has a strucutre that works would be great to hear more.
Sorry..think Ive just asked more questions than Ive answered. [confused2]
At the moment I have 2 properties with that 40% SMSF and 60% me and +1 mix, one we own and a fourth I am negociating now with no SMSF involvement.
Alpine property has very different rules to other investments so the formular worked, I am just letting those properties remain as they are from now, they deliver to high a return to sell so there is no reason to change anything if I cant do as I wanted.
I set up a seperate small business that manages the afairs of the flats in Falls Creek for me and at the end of each ski season I split the income into a dividend based on the ownership mix while retaining an amout for summer repairs and upgrades and the following years fee’s. Not a lot of work really as you only get paid once a year on these types of property. I do get around 8% return on the investment and theyhave nearly doubled in value in the past three years.
I have my own web site and discussion board like this one dedicated to the skiing industry so marketing these properties in my case is a lot easier than foe most other people.
Bottom line on this question is leave well enough alone to keep out of trouble with the ATO. Thanks for the answers
ASB Alpine
Thanks everyone and BTW the property I have in Falls Creek has preformed very well, I however do run a huge skiing web site so marketing them is easy for me hence my involvement.
A lot harder for other people though.
Might just stick to what I know
ASB Alpine
