G7, I would look at buying a house as an IP, but perhaps paying P&I and paying as much as you can as quickly as you can – at least for a couple of years…. This way it’s as if you owned it, but you are also getting some benefits of being an investor (any tax returns chuck them into the loan too).

This way you’ll be able to build up some equity,…[Read more]

Hiya kay

3×2 = 3 Bed, 2 bath
3×1 = 3 Bed, 1 bath etc. etc.

I thought it was a very American terminology, but I guess it’s very prevalent here in Aust nowadays…

Cheers
Mel

Matt, I think you’ll find that the issue with the trust owning the house you live in is if it’s a unit trust (or HDT), and you make a loss – therefore claiming tax back against your own property…

If it’s a discretionary trust, you cannot benefit personally from that loss, so it’s not an issue….

Cheers
Mel

accountants

Bruce Whiting
http://www.mintgroup.com.au

Nick Moustacas (sp?)
http://www.strategicwealthmanagement.com.au

Cheers
Mel

Get tenants!!!

Put pressure on your managing agent to rent yours. Offer them an incentive. Get them to show you the ad they have – rewrite if necessary (from a post that Yack made – great advice!).

Lower the rent if you have to – $10 less per week now is better than weeks vacant…

Cheers
Mel

Jaffa, in your case, you would be buying a single dwelling (so no probs with FHOG), and once owning, you would be living (thereby meeting criteria) whilst dividing the property. So I don’t see any hassles.

I’ve seen what you are talking about done extensively in Rockhampton (only cos a friend lives up there and lived in one of such places), so…[Read more]

Hi redweb

Don’t let your wife be put off by one dealing with a market that has a potential to be oversupplied for at least the next few years.

As you can see from this discussion, some people are positive on the long term aspects of the area, and there are many other areas that you could also invest in – to spread the risk, and perhaps have a…[Read more]

Where’ve Rob’s posts gone? I look like I’m talking to my imaginary friend now[specs]

Cheers
Mel

Yes, lending money is crazy – but I’m the one lending it. I also have access to all bank accounts of my bus partner (and in fact know more about his financials than he does), AND I prepared all his financials for his tax return, so I’ve got no probs getting the money back!! [biggrin]

Cheers
Mel

Seachange – definitely is offset against CGT. Basically, it’s a cost of selling, so is taken out of the profit equation before calculation of CGT happens.

It’s Bob Carr’s way of getting back at the Fed Gov for not giving them as much of the GST pie as they collect – by taking it away from the Fed’s CGT pie!

Cheers
Mel

Al

If you are all on title, then only one FHOG will be paid, and there will be loss of eligibility for all in future.

You could, however, buy IPs between the three of you, NOT live in them, and when the time came you would still be eligible for the FHOG (only ONE per property though!)

Cheers
Mel

Misty, I guess if you haven’t been told you would have a good argument. If, however, the PM had been informed, then it would be up to their Public Liability as your agent, but then it could get ugly if they tried to buck pass….

MUST have public liability insurance….

Cheers
Mel

Hey Lucifer

Melbear is a ‘she’ [], but other than that you were partly right.

1. Depreciation benefits on 6 newly constructed units.
2. Stamp duty deductions ($50K alone for FY 02/03)
3. Interest paid to friends/family (50%) for loans to enable us to purchase aforementioned units.

As for carrying the ‘income’ (or lack thereof) over, there’s a…[Read more]

Helena

I think your company can borrow money from anywhere – that’s up to it. The FIRB issue only comes in when it’s ownership of the assets. As Rob says, your company is a resident, so it’s not an issue.

Hope this helps. My offer to you still stands []

Cheers
Mel

LifeX, I would just find out from either the bank, or Terry or your own Mortgage Broker what paperwork the bank requires, and you should be able to prepare it yourself.

If it’s tax returns – well, you’ll have paid your accountant to lodge them, so there shouldn’t be anything more that he would need to do….. Sounds a bit strange to me…

Cheers
Mel

Rob, don’t worry, my folks aren’t crazy. $40K has just been lent to my business partner to buy a car (as soon as his tax return comes back he’ll repay it). $8K has gone to repair my brother’s car, and the other $12K has gone to various loan repayments etc. Now we’re sitting at the limit[]

Cheers
Mel

Hi Meetrixx

I don’t know the answer to your question, but a good account should. Julia from BANTACS http://www.bantacs.com.au used to post on this site, and seems to know a lot about foreign incomes etc. Suggest contacting her to see if she can help.

Good Luck

Cheers
Mel

Yes, the contract states the date it is ‘supposed to’ take place – sometimes it says 42 days from date of contract. For varying reasons though, this might not happen on that date.

The only set in contract date in the contract, is the date it was signed. Perhaps that is why it is the one used?

Cheers
Mel

Breakfree, if you are not sure, I would make an appointment to see Dale, or any trust savvy accountant and go through everything with them.

Regarding changing legislation – it’s been ‘on the cards’ for years now, and hasn’t happened. Odds on that politicians have their assets in trusts, and so they ain’t going to change the rules to upset the…[Read more]

Bear? Anybody?

Cheers
Mel