Terry, why would Celivia have to pay tax?

Is that because paying out 5.5%, but saving interest on 6.5%? Even then I wouldn’t think it was taxable for them. It’s not income, it’s just helping to save them some money.

Her mother, yes, and as she’s paying tax already that won’t change.

Cheers
Mel

Originally posted by LeighK:
PS: Whats with all these bears on the forum.

Hey, there’s nothing wrong with Bears! We are endangered remember. You can be one too if you like Leigh – Bearleigh. [:o)] LOL

Cheers
Mel

Hi Bry0, welcome to the forum

I would suggest you buy one of Hans Jakobi’s books from the bookshop – How to Be Happy on Your Income or something like that, before spending big money on his home study pack.

I got a flyer recently advertising his home study pack, and what it says is included looked really good, and if I had a spare $3K that I was…[Read more]

Yes, but moderator still won’t give him that extra star that he wants.

perhaps the moderators should get the sys admin to give PG a star all of his own! []

Cheers
Mel

Originally posted by kay henry:
Hey Matt- what’d you do with Mel? Don’t tell me she’s gotten into (gasp) *shares* ??

kay henry

LOL[]

Nope, I’m looking at rabbits now!

Cheers
Mel

PG you must have been bored digging up all these old posts!!! []

Cheers
Mel

Troy, the company could gift the money to the trust. I guess it just depends how you will then account for the money in the company’s statements.

2. Asset protection. (I think)

Cheers
Mel

Are you talking about a development off the plan – or a one off house?

With OTP, it is common for places to be onsold before completion, however the second buyer loses out on the builders 90 day warranty – unless they can do some sort of deal where the first buyer will chase up the builder for any defects. It’s a bit of a bugger, but some…[Read more]

Hi bozzies, welcome to the forum.

If the house is your PPOR, and you lived in it from when you first owned it, you can move out and rent it for up to 6 years, move back in, move out, 6 years etc. with no CGT.

HOWEVER, you cannot claim another place as your PPOR during that time. You can only have one (except for one 6 month overlap if selling…[Read more]

troyid, you can either gift the money to the trust, or ‘loan’ it from yourself.

The bank will look for you to have a deposit, or additional security outside of the trust that you will let them grab.

The bank will also ask the trustee to sign as guarantor for the loan.

Cheers
Mel

taleisha, it’s as Mortgage Hunter says.

My offer for the one I’m about to settle on in NSW included my terms of $1000 payable on exchange of contracts – balance payable at settlement.

The agents generally just want to make sure they get paid – and the easiest way for them to do that is to have the 10% paid into their trust account.

Just say you…[Read more]

No problemo!

Cheers
Mel

Agreed richmond

Cheers
Mel

That’s true Guru. I wasn’t suggesting it was bad.

Kay and Matt definitely spend time with us in here now, but I’ve just noticed that Pinky does not.

Arty, what’s ‘the little woman’ been up to such that we are no longer important? []

Cheers
Mel

Matt, your first step is to contact a mortgage broker, and work out what you can borrow, and what you have for deposit etc.

I believe NSW has changed the laws so that you must live for 3 or 6 (can’t remember) months to keep the FHOG, but check it out. If it’s an IP, you can’t get the FHOG.

However, buying an IP, and NOT living in it, you can…[Read more]

Hi Matt and welcome

Good luck with your plans. I hope if you do have spare time now you are looking at lots of deals and analysing them to see how they work.

this will be good practice for when you are out there doing it for real – and you will be much quicker at it then.

Cheers
Mel

Yay for Bear’s ‘spotting skills’

Will you ever go back to dial up again? []

Cheers
Mel

Yes, but it got very quiet when Arty moved house, and then was banned from the internet at work. []

I see he’s making a bit of a comeback though. []

Cheers
Mel

That’s true SIS – but I think there is a way to make it tax effective. It won’t hurt to ask the accountant’s advice.

suggest that you’re thinking of renting out the room, and ask what the tax situation would be.

Cheers
Mel

Kim, I think it depends on whether or not you claim the interest as a tax deduction. I would ask this question of your accountant, and work out which way to do it based on what they say.

Cheers
Mel