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  • Profile photo of Cabo WaboCabo Wabo
    Participant
    @cabo-wabo
    Join Date: 2005
    Post Count: 117
    December 18, 2005 - 7:25 am

    This looks like a great opportunity to “vent”….

    I guess a generalised description of myself and my ancestry would be “island people”. My mum is from Perth in WA originally (aust is an island). Her great grandparents came from Scotland and Ireland (british Ilses). Both myself and my father were born in Barbados (caribbean). Dad’s side is from Barbados going way back & england before that(again British Ilses).

    I’ve been here since 87. My barbadian accent, combined with an Australian accent makes me sound terribly American. Everyone just assumes i’m an American. 18yrs in Oz, 10 of them in the bush…and i’m an American! My first car was my grandmothers Torana, and then after a bunch of hoon fords, i’m still driving the same HZ 308 prem i’ve had for the past 8 years. The other day someone asked me how my holiday was going!

    My staple beer is EB, I’ve been roo shootin more times than i can remember, in winter i hang around the house in flannels (brother gives me a hard time for it), and have seen more of this big brown land than 99% of city folks, and as soon as i open my mouth… i’m and American.

    Very frustrating when flamin idiots like George Bush are running around. I see the humour in it all though, believe me.

    My dad played cricket with Desmond Haynes and Gordon Grenich for christ sakes, and other Aussies look at me funny when they realise i can bowl, and know what a “slip” is.

    I’d have to agree with dazzling that the average australian takes australia’s role in the world far too seriously. There’s only 20mil of us. That ain’t much. I’m a huge history reader, and fall about if i miss the SBS news – I love foreign affairs… and yes, we are irrelavant. There’s just not enough of us, and we are thought of as being very far away.

    There’s a bloke up here at work (pilbara)who is such a typically stereotyped australian that he should be framed. More than the rest, this guy exudes larican, laid-back, footyloving, crack a few tinnies while jewie fishin Australianism. Like a cross between Boonie and Sam Newman.

    The day before yesterday, while talkin about how his missus wants him to go back to the UK to see her olds… he very patriotically, emphatically, and proudly said he “wasn’t the kind of bloke that would leave his own country.” WOW!

    As someone originally from the other side of the world, (12hrs difference) what do you say to that?!

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    @cabo-wabo
    Join Date: 2005
    Post Count: 117
    December 18, 2005 - 6:05 am

    1) Ongoing major renovation of my house

    2) Purchased, renovated, and rented 1st investment property.

    3) Secured a terrific new mining job based in Perth that will get me the hell out of fly in fly out.

    4) Determined that i’d like to eventually become a property developer. I’ve a plan for the future all mapped out.

    5) Became an active member on these forums and think this is the best site ever on the entire internet…ever.

    6) Brother emigrated to the USA

    7) Changed investment tack and now will do reno’s for the next few yrs.

    8) The most positive year i can remember…seriously… as i’ve got direction, and momentum, and feelin good.

    Merry Xmas everyone.

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    @cabo-wabo
    Join Date: 2005
    Post Count: 117
    December 18, 2005 - 5:49 am

    Steve,
    I think its great that u’ve updated the forum. Things can’t stay the same all the time. Upwards and onwards as they say. Forum looks tighter and more slick, and i realy like the new logo… very nice.

    I’d have to agree on some points though. Text is too small (i’ve had to put my glasses on to use it – never done that before), smiley box could be bigger, and viewing panel wider.

    Other than that, nice job.

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    @cabo-wabo
    Join Date: 2005
    Post Count: 117
    December 18, 2005 - 5:32 am

    Thanks fella’s.

    With your responses, and after quizing a mate of mine, & my accountant i’ve finally got my head around this. My general understanding to my own q’s are as follows:

    1) Who legally owns the property?
    The company (acting for the trust)

    2) Who’s name is on the title?
    The company

    3) In who’s name is the debt? That is, does the bank lend to the trustee or the trust?
    The company (acting for the trust)

    4) I am director of the corp trustee. When i garentee loans with banks when acting as director, if the trust goes bust, and the pty folds, am i liable for the debt? Yes

    5) If a trust is deemed a property trader and as a result GST applies, who registers for the GST? The trust or the corp trustee?
    The trust registers as the trustee is only “acting”.

    Gross, I’ve been told the trustee pty only does a BAS statement if it GST registered, and you only become GST registered if you think ur gonna make more than 50K/yr. As the trustee is not trading, and makes no income, then it doesn’t have to do the GST side of things even though it still has to do a tax return.

    6) Who is the property trader? The trust or the trustee?
    The trust is the property trader, as the trustee is only “acting”.

    7) If a trust is a GST registered property trader, does all profit that comes out have GST applied irrespective of who it is distributed to?
    No. GST is paid on the services of tradies etc when they fix the property etc. When a property is then sold, profits are considered capital gains only if you are not a property trader. If you only sell say 1 or 2 props, then they are considered to be of capital worth to you, and profits made on them are termed “capital gains”. If you kept em for over a year, you would qualify for the CGT benifit.

    BUT, If you are a property trader, then the numerous houses you buy and sell are not “capital assets” to you, but are “production stock”, and when sold, do not produce “capital gains” but produce “business income”. This means that the CGT benifit cannot be applied because the props are considered “production stock” which produce business income.

    8) Can a corp trustee be a primary benificiary of its own trust? I’ve been told the ATO frowns on this.
    Yes it can, but its best not to do this, as for some reason it is to the detriment of asset protection. Why? Does anyone know the background behind this?

    9) How, if ever, can a GST registered property trading trust (say that fast..) take advantage of the CGT benifit? It can’t. It must keep the property for over a year and not be a Property trader.

    Thanks everyone for you help. Please, feel free to add or correct my interpretation of all your input, as i may be wrong.

    Kind regards,

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    @cabo-wabo
    Join Date: 2005
    Post Count: 117
    December 14, 2005 - 11:54 am

    Guys,

    I’m in the results group. I can can tell you quite confidently that i put at least the same number of posts in the public access forums as i do in the Results forum.

    If its something i think important, and want the best advice i can get (short of going to a lawyer/accountant), i’ve on many occasions posted it in both the results forum and on public ones.

    I reckon many of you who are not on the results program aren’t on it because you don’t need to be (and never intended to be).

    Of course, on the other hand there are a great many who tried but were’nt successful. I got a spot (lucky), but only with about 2 minutes to spare from it filling up (so i’ve been told, anyway).

    While i am very happy to have a dedicated results forum (so i can see who’s in the program and talk directly about it), to be honest guys, the program is full of folks just like me. Those who are starting out, and have many q’s. More q’s than answers. The real big brainers and experienced people are those in the public forums.

    The other day, a few of us results guys from the WA got together for a chat for the first time. We spoke of those on the forums that we admired the most. Those that answered the most q’s, and from whom we learnt the most. As far as i know, none of them are in the results programme!

    They are all on the public forums. I’m glad they are there, and am very grateful that they answer my questions.

    There are no big private secrets on results forum. If something earthshattering did get said on the results forum, believe me, we’ll all be asking q’s about it on the public boards (at least i will be.)

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    December 14, 2005 - 11:16 am

    The Farside cow: supremely intelligent, ninja quick, devastating when cornered, loves cud, and beer, not afraid to smell / eat the roses, knows on what side the grass is greener, great with the heffers & basically, a mighty fine lookin bovine.

    What more can i say?

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    December 14, 2005 - 10:37 am

    I used to have girlfriend for a few years that worked at the NAB as a personal banker/lender.

    I was so appauled by the STRESS she was put under to perform, and the attitude of her boss, that i’d never step foot in a National bank again.

    You couldn’t pay me enough to do busines with that institution…. hows that for FACT!

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    December 14, 2005 - 10:25 am

    And they dress in PJ’s and all ride bicycles..

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    December 12, 2005 - 8:38 am

    Thanks Redwing,

    This formum is great, everyone answers everyone’s questions. I have learn’t so much from this forum its just not funny.

    I’m using a discretionary family trust.

    Redwing, your answer to #3 – whose name is on the mortgage doc? Whom do you refer to as “you”. Is it me as an individual, or me as the director, and hence the pty?

    When banks lend to a trust, do they always ask for a garantee from the director?

    Please everyone, have a go at my questions.

    Many thanks,

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    December 11, 2005 - 4:05 pm

    Diggo,

    Mortage insurance (pain in the butt):

    A bank will happily lend you 80% of the value of a property. That means you need 20% deposit.

    If you have less, say between 10 & 20%, then they deem you a risk. They will still lend to you, but they will take out an insurance policy with an insurance company. This policy will cover any loss that they might make as a result of lending to you. They insure themselves against your risk.

    This policy has a one off up front premium. YOU PAY IT. NOT THE BANK. In short, you pay for the banks peace of mind. A while back i had 15% deposit (roughly – memory a bit vague) on a 200K loan, and i paid a shade under 3K mortgage insurance.

    If you have less than 10% deposit, they won’t deal with you at all.

    Life sucks, buy a helmet.

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    December 10, 2005 - 5:34 pm

    Wow man, i’m spun out. I’m sitting here eating my potato chips and i’m spun out…

    i thought saving for a wetsuit at 16 was a big deal. $10,000 – holy sh$tballs batman. Thats awesome. Lookout here comes the next Donald Trump.

    While $10k is a deposit on a cheap unit in a country town somewhere (hard to find that cheap), i think you’d still end up paying a lil mortgage insurance. I think the thing here is, you’d have to show the bank that your income stream was reliable. Just what is it you do on the internet? Do tell….

    Maybe you should get your parents to garrentee the loan, and that way a bank might lend you the money.

    Good luck on the empire building Diggo, early days yet mate..

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    December 4, 2005 - 1:52 am

    No she wasn’t, but she is a relatively new RE and is still learning. She was told so by the agent selling the property. She then told me.

    I’m pleased you don’t think it necessary. It would be a real pain in the butt if it was.

    Thanks,

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    December 3, 2005 - 2:18 am

    Its a conspiracy.. it is.. i swear it. Its got nothing to do with demand, affordability, world banks or all that cr#p…..

    Its Elvis. Always was, always will be….And its that much worse now that James Doohan from Star Trek up there with him.

    Its bad news man… with the King pullin the strings, if you don’t do whats expected, ol’ Scotty just beams your ass on outa there.

    I’ve proof…. would i lie to you?? [cool2]

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    December 3, 2005 - 1:31 am

    I lived in kalgoorlie for 6 years back in the 90’s (not to far from Kambalda). Kambalda is known to those in the area as ‘Kambodia’. I’ve never liked the place too much. I wouldn’t buy there…. too many water buffalos…. and Kambodians.

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    November 28, 2005 - 11:07 pm

    Yup, i was very pleased with the prop report. Came back all roses for me. Only problem is it makes you wanna go buy every damn property in town, or at least guzzle up all the fuel in your gas tank cruisin round ur favourite ‘wanna buy’ haunts.[bike2]

    …..and oh yeah, GO THE MINING INDUSTRY & GO WA!! … and its beers[build], not latte’s[beatnik]…. jeez we’re tough out here…

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    November 23, 2005 - 8:09 am

    Thanks for your input fella’s…..appreciated.

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    November 10, 2005 - 1:35 pm

    You could make a moofie out of that….

    Cabo Wabo

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    November 10, 2005 - 1:28 pm

    I like your picket fence analogy dude… very humorous indeed. Nice one…

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    November 10, 2005 - 12:41 pm

    Currently 71%

    Cabo Wabo

    Profile photo of Cabo WaboCabo Wabo
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    November 10, 2005 - 12:39 pm

    I’ve recently started buying entire cities, as suburbs were becoming a drag…

    Cabo Wabo

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