That certainly helps and on that basis 95% of 450K appears possible.
Cheers
Yours in Finance
Would that be on the basis of constructing a dwelling and utilising the FHOG and stamp duty exemption, as if I purchased an existing dwelling, most of my 30k would be taken up by stamp duty and taking me out of the 95%LVR.
Thanks for the answer.
So more specifically, $70k per year salary, $30k in inheritance which I would like to use as a deposit. Is there borrowing capacity and if so, how much?
Does a trust have a limit on the number of beneficiaries it can have and do the beneficiaries have to be named when the trust is drawn up?
Also, if 100% of the profit is distributed to the beneficiaries, does the trustee still lodge a tax return reflecting profit incurred through the trust. Also, does the trust lodge a tax return in its own right or is the ‘trusts’ tax return, the tax return of the trustee?
This reply was modified 10 years, 4 months ago by Brizza.
So the beneficiary is assessed for the tax payable (which can be at high rates) but the trustee actually pays the tax on behalf of the child beneficiary?
On another note, besides following the usual path of getting hammered at a big 4 firm for 3 years and coming out with a CPA / CA. Do any graduates follow the path of getting experience as an Accountant to meet the ATO tax agent registration requirments and look to practice on their own?
So from a legal ownership perspective, if I've wrapped my property and the transfer documents have not been lodged, and no stamp duty paid, is my spouse entitled to half during a divorce? As in, do I still own it or do the people I'm wrapping it to own it?