Gateway replied to the topic How to sell a unique 4,300mtr house/land in Liverpool/Moorebank in the forum Help Needed! 11 years ago
Hi Benny
You may be over estimating the price of this place.
I’ve just now been offered 1.5m for this place from some one who wants fast settlement. Thats actually more than I was going to ask, so I guess I’ll take it.
Gateway
Gateway started the topic How to sell a unique 4,300mtr house/land in Liverpool/Moorebank in the forum Help Needed! 11 years ago
I am seeking advice from the members here. I have a 4,300mtr property in the Liverpool/Moorebank area. It is the last of the original subdivided blocks from the 1920’s so the valuer is not able to take more than an “educated guess” with the caveat that even that could be wrong as the place is the last uncut block, has 2 street fronts, zoned med…[Read more]
Gateway replied to the topic Mother retireing this year with property she wants to biuld townhouses/villas on. Looking at a structure to hold assets in the forum Legal & Accounting 14 years ago
colinnewland wrote:
Speakto a finance broker who specialises in 'commercial' property development. There are waysto get around the lack of future income (other than the property income itself).Depending on the equity held in property, she should qualify for a development loan as they banks will do a valuation on the end value.Another way to deal…[Read more]Gateway replied to the topic Mother retireing this year with property she wants to biuld townhouses/villas on. Looking at a structure to hold assets in the forum Legal & Accounting 14 years ago
Hi TerryW I would certainly appreciate that chat.This has been a continual learning pathMy curretn thoughts are now (my thoughts seem to change by the day now that I have discover these forums).after participating in this thread and reading alot of others, I am leaning towards a Testimentary Trust as there will be no need to spend thousands on…[Read more]
Gateway replied to the topic Mother retireing this year with property she wants to biuld townhouses/villas on. Looking at a structure to hold assets in the forum Legal & Accounting 14 years ago
Hi Terry WJust contacted my accountant and we will meet later this month.The accountant knows about trusts and companys and suggested a modification to your suggestion (it was just a quick phone call so maybe I got it wrong).The suggestion was ,,a UT with a company trustee and a DT with a company trustee. with the DT owning the UT (basically this…[Read more]
Gateway replied to the topic Mother retireing this year with property she wants to biuld townhouses/villas on. Looking at a structure to hold assets in the forum Legal & Accounting 14 years ago
Thanks TerryWSo, my summary understanding of this thread is that.Trusts are good……but having a Pty Ltd Co as a trustee does not offer any protection for an average person that that person being the trustee; as a tenant can still sue the PTY LTD Co as easily a the average working person.The trust itself offers protection only if the average…[Read more]
Gateway replied to the topic Mother retireing this year with property she wants to biuld townhouses/villas on. Looking at a structure to hold assets in the forum Legal & Accounting 14 years ago
Hi TerryWI am in the St George area.Paul
Gateway replied to the topic Mother retireing this year with property she wants to biuld townhouses/villas on. Looking at a structure to hold assets in the forum Legal & Accounting 14 years ago
ok TerryWTime to see someone about this.Can you make a recommendation?Paul
Gateway replied to the topic Mother retireing this year with property she wants to biuld townhouses/villas on. Looking at a structure to hold assets in the forum Legal & Accounting 14 years ago
Terryw wrote:
Hi PaulYes, the properties would need to be transferred to the trustee of the trust. Stamp duty and CGT would be payable at market rates.If the trust needs to get a loan to buy the properties then the lenders will require personal guarantees from all trustees and/or directors of the trustee company (and maybe shareholders if these…[Read more]Gateway replied to the topic Mother retireing this year with property she wants to biuld townhouses/villas on. Looking at a structure to hold assets in the forum Legal & Accounting 14 years ago
Terryw wrote:
Gateway wrote:
TerryWThanks for taking the time to answer this post. If it ok can I ask you a couple of questions about your suggested framework.1. How will the discretionary trust minimise tax for my mother? I don't really understand this.2. She will have to pay to tranfer the property, so best to do this before dev…[Read more]Gateway replied to the topic Mother retireing this year with property she wants to biuld townhouses/villas on. Looking at a structure to hold assets in the forum Legal & Accounting 14 years ago
TerryWThanks for taking the time to answer this post. If it ok can I ask you a couple of questions about your suggested framework.1. How will the discretionary trust minimise tax for my mother? I don't really understand this.2. She will have to pay to tranfer the property, so best to do this before development starts,,,,but can you tell me how…[Read more]
