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and whose name is the electricty in, one of you has a partner and things go bad, her lawyers find out you’reliving in a property owned by your SMSF
buy an investment that makes sense as an investment and rent to live where you want to live
this suggests otherwise see from page 6
Not if property is residential.
Sounds like your friend might be detailing queensland. The form s not effective until it is handed to the land titles office with the title deed
I would think if you are not using any other property as security that the bank vsluation would be sufficient unless you are not borrowing a high percentage of the purchase price. I think in the past some people who borrowed using two properties as security were trapped because the value of the property they were buying was less than the purchase price but they didn’t know as the bank didn’t tell them and as far as the bank was concerned the total value of both properties was sufficient to get the loan. Are you using a broker?
Who owns the driveway? what are the terms and conditions of the easement? Did you give notice to the energy company before building the fence? Dud you comply with the Dividing Fences Act?
Sorry Andrew, many people think you value the
property when you move into it after it has been an IP. however, under Section 118-185, the capital gain that is assessable is your capital gain multiplied by the number of days it wasn’t your main residence divided by the number of days that you own itCheck your Council planning instrument. You might have 6 separate titles, but if Council has a minimum area to build on say in a rural area you might only be able to get one house on of even none. I know there was some uproar in the Port Macquarie area 12 months ago as its Local Environment Plan had a time limit on when people could build on existing allotments that no longer met the minimum area in rural areas
A trust cannot distribute losses. If the trust makes a loss then that loss stays in the trust until the income from the trust covers it in future years.
If your trust is a unit trust and you have borrowed money to buy the units even if that borrowing is secured by property owned by the trust (this is different to the trust borrowing to buy the property) then you might be able to claim the losses eg borrow $400,000 to buy units in trust, trust buys property for $400,000. Trust has rent say $400 per week, $20,000 a year and expenses eg rates, insurance say $5000 and depreciation $10000, then the profit of $5000 is distributed to the unit holders. As your borrowing was in order to earn income then the interest say $20000 can be claimed as a deduction by you against the $5000 income distributed to you and you have a loss of $15,000.
if the trust borrows to buy the property then the trust has income of $20000 and expenses of $35000 and a loss of $15000 which cannot be distributed to anyone.
Of course this is a simple example and you need to make sure the structure is set up properly.
Great idea to give your own testimonial on your website.!
Is there demand for residential zoned land in the area or is there a lot of undeveled residential zoned land currently? Check with the council whether they would consider rezoning. Does the Council have a mastertplan for future development
How would this be a going concern, the most you have done is sold a property which has an approved da. http://www.ato.gov.au/Business/GST/When-to-charge-GST-(and-when-not-to)/GST-free-sales/Sale-of-a-business-as-a-going-concern/
It helps in these forums if you let us know which State the property is in. Laws relating to property titles are state laws not national laws. Assuming you are in Queensland sections 184-186 Property Law act give the overall view. The end result is probably going to partly depend on what kind of encroachment it is eg a fence is easier to move than a multistory building. Rather than go into battle guns blazing with lawyers at 20 paces, can you raise the matter with your neighbour in a friendly way and see if there is a win win situation or some compromise that doesn't cost you both a fortune and take onths to resolve
Assuming you are a PE teacher and employed rather than self-employed then asset protection due to the likelihood of being sued personally would be unlikely. ;In most states your employer would be vicariously liable for your wrongdoing and you would be indemnified by your employer for any damages ordered against you. Just ensure you comply with all child protection requirements and guidelines.
Will the Vendor consent to a change this late? This would require a fresh finance application.The best reason I have seen arguing for trusts is from Cgris Batten on Somersoft a couple of years ago talking about land tax unit trusts and the ability to use them to end up being able to move residences into superannuation at minimal stamp duty.
First, why do you need the property to be out of your names. Bear in mind that courts can look behind transactions if there is an attempt to beat creditors etc.
Creonline.com is an American site that might have a forum that could help you
i think HOA would be home owners association. if this is so the original poster is probably innorth america and should bear in mind that the other posters are commentingfrom an australian perspective
I looked into something like this many years ago and what my client wanted to do would have been caught under the legislation. Instead of 500 investors maybe you need 20. Australian Property Investment magazine has had a couple of articles on syndicates -August 2005 or thereabouts I think was one article
Penalties from the ATO. If they have redrawn previously for a non income producing purpose, then the total interest on their current total borrowing will not be tax deductible if the property becomes an IP
Why are you using a company? There is no discount on CGT for assets held by companies.
