What did you mean by a “bare trustee”?

Re. your question – it is a long family story. But keep it short: the sole intention of establishing the trust many many years ago was to protect the family asset (not much of it, but a lot to us at the time – which was just 1 investment property (IP) and some shares/cash). The trust deed was originally in…[Read more]

Uhm… Sounds like someone tried to beat the tax man here. But LC, just moved in with good intention. I’d rather sleep soundly than having my conscience or worry stir later on.

Thanks, Terry.
What if we just changed the trust deed, but not the name on the title? Must we legally be required to change the name on the title also?
Regards,
Jenny

LC,

You said that you intend to move back in for a 3 to 6mth period or so…. ” and “another point, i understand having all my ID and bills to that address but i will still be working in sydney for that time….won’t that come up as being weird? did your partner still work in QLD in this time period?”

How could you be moving back in for 3 to…[Read more]

Do you have to live in it for 6 months being the minimum length of time?Jenny

Thanks, folks.That should do me for now. I certainly know  heaps more about VF than previously.Jenny.

OK, Scott. So they are worth a lot!

Thank you all for replying.I certainly want 100% finance and 3-month settlement to help me save up for the stamp duty and other incidental costs.However, I definitely don't want to pay higher interest rate for the full term.  As Bootross mentioned, I would like the flexibility to repay in full once I've built up enough equity (20%) in the home w…[Read more]

Hi All,Just curious how you folks got your personal portrait.  God_of_money's is uniquely entertaining, Mark's thumps up is just innocently cheeky and Scott, where did get those moving eye balls?! Jenny

Thanks, Sonyasal & Terryw.What's a relief!No, my name was never on the title. The house was meant to be solely for my Mother, but she said I could have it back any time     And my brother's contribution is stated as 'board/lodge' only.  Para 17 of the above link that you sent me, Terryw, has put to rest my intention to seek a Private Ruling. …[Read more]

Thanks, Hydra.That was what I had been told – "it is a family arrangement and therefore not considered as income".  And this is the reason why I haven't been including it in my tax return.  But this omission is not as important as I don't mind back-paying the tax that I supposedly owed (my family came to Austr empty-handed. The citizens here an…[Read more]

Hi Sophie,I personally found CGU Insurance to be very reliable and honourable. They do stick to their words. I had absolutely no problem when I had to make a claim. Gone very smoothly. I wouldn't switch for a few dollars cheaper in premium. Their advisers do give out their own line number so you could call back that particular staff and continue…[Read more]

Hi Scott,Sounds like something to stay clear off.Thanks.Jenny

Thanks, for the post, Kenny.I too also stayed away from students accomodation.Jenny

Thanks very much, Kenny.You have really helped me to understand more about the pros and cons of serviced apartments and I've actually decided to stay away from serviced apts. I don't like anything of high maintenance and high complexity such as ABN and GST and tax matters. I am not at all into tax minimisation; I'd rather pay a litle higher tax …[Read more]

HI Richard,Is there a minimum population number that banks require?I don't have much money and have been looking only in far back regional areas where  population is only a couple of thousand people.  Would banks not be interested with such low population?Also, I know just about all lenders charge LMI for LVR over 80%.  Do you know of any len…[Read more]

Thanks Kenny,YOur comment "While you can purchase the serviced apartment with your own name (ie without ABN), however, if you cannot produce an ABN , you will be charged a higher withholding tax when your tenant pays you rent ". 1. My question is: Does your comment above apply only to COMMERCIAL PROPERTY and I purchased in personal name but w…[Read more]

Thanks Kenny,I understand all advices in these forums are of general nature.Getting back to the ABN. My personal name is identical to my ABN name as a sole trader. So how do I note on the contract of sale that I purchase the property as a sole trader (I don't have a business trading name)?   Thanks.Jenny

JL.Just go straight to CGU. I find it is excellent. When you need to make a claim, there is no question asked.Jenny

Hi Kenny,This is following on from your reply a few days ago regarding whether GST is payable on serviced apartment.I am a sole trader with ABN and GST registered. Does it mean that when I purchase a serviced apartment:- I am buying it under my ABN?  – Have I got the option to buy it under my personal name?- If under ABN, will I have to pay GST…[Read more]