Hello Mat
A couple of years ago I removed a big gum from one of my properties in Melbourne and didn’t even think to worry about this. I didn’t ask anyone but just had it done. I didn’t get any complaints.

It cost me around $800 including drilling out the roots.

Cheers
Elka

Hello ptn

The short answer is yes. If the trust deed allows it.

Any trust deed worth anything should include such close family members and many many many more. Not by name but as a catagory.

However I don’t think saying that it’s “just for tax purposes” is wise. [rolleyesanim] [smiling]

Cheers
Elka

Thank you for that Anita. If we need to use this option I will be back.[smiling]

Sorry for the long delay in answering. I either did not get or missed my wake up call.

Best wishes
Elka

Hello all

Interesting thread. As a total novice to this area I have a basic question. [blush2]

What is the normal price of an option for a residential property. I mean is there some sort of “formula” based on the price of the property and the period of the option?

Thanks in advance
Elka

I don’t see any reason not to contact the agent and ask for the vendors details, even after 6 months. What have you got to lose? As Simon discovered, contacting the vendor may be the quickest and certainly the cheapest solution for you.

Elka

I’m no lawyer but common sense tells me that you should recieve 1 month plus 8 days rent from the previous owner.

I think I would go to another lawyer to get advise about who made the mistake and what your options are. For me it would not be so much the money but the fact that I was being cheated.

Good luck
Elka

Hello

I would get the house independently valued to ascertain a fair price. You didn’t mention whether she has family but this way at least no one will be able to claim that you took advantage of her on the price.

Also I would inquire if there is any agreement you can make to cover the years before she goes into the retirement home. If anything,…[Read more]

Hello Browncat

What a horrible situation for everyone involved.

You haven’t said so but from your post I assume that your not in a position financially to be able to give your mother the amount of money she needs to live on, as rent. I assume this would be well above market value as it would not be fair for your mother to have to just…[Read more]

Congratulations. Looks like a beautiful area. [specool]

You should do well on it.

Best of luck
Elka

At a guess I would say ATF stands for as trustee for

Ooooops sorry. Meant stamp duty. Thanks Terry.

Originally posted by carolinehale:
My husband is a high earning corporate and it is also financially comfortable for us. But I cant see our accounts, have no income or power and that is my point. The right to go it alone.

Yes, I got that bit from your first post. I assume you both/he owns his own company and company premises, thus the company…[Read more]

Hello MArk

I believe that if you buy IPs under your names first and then move them into a trust later you will be up for both sales tax and CGT. Not great.

Cheers
Elka

Hello All

I think we may be getting into trouble here because we are talking apples and potatoes without some of us realising it.

I believe we are mixing up tax rates (or tax brackets) and effective tax rates.

Kel Fitzalen from Deloitte clearly states that on about $150K the effective tax rate will be the same as the 30% company tax.

That’s…[Read more]

Hello Steven

Did you say that IO loans are stock standard for non deductable loans e.g buying your PPOR? I’m confused. I would have thought that that was one debt that you would try to reduce for that very reason. Can you explain further please.

Thanks
Elka

Hello Lisa

Your welcome. I have since worked out how to delete my posts but simply forgot about it. Now I’m glad I did. [smiling]

Cheers
Elka

Originally posted by YoungInvestor:
So then can you distribute the income of the company to yourself as a franked dividend assuming the company has already paid tax on that income?
”

Good question but even if you can, what have you gained? You will still need to pay the difference between the 30% company rate and your 42 % rate. ….. unless you…[Read more]

Hi all

Excuse my ignorance in this area but what happens next?. I mean you distribute some of the income to a company but then how do you actually get to use the money.

Can you get it out of the company somehow or is it necessary that your next investment be bought by the company?

Hope this doen’t sound too stupid. [confused2]

Elka

Hello Anita

I believe he hasn’t approached him yet but I’m still working on it.

Can you give me the names of a couple of these lenders please.

Thanks in advance
Elka

Hello Peejay

Up to six years in one stretch.

Here is the link to the ATO where it’s explained.

http://www.ato.gov.au/individuals/content.asp?doc=/content/36887.htm

Cheers
Elka