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Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of MichaelGGMichaelGG
    Participant
    @michaelgg
    Join Date: 2009
    Post Count: 13
    November 2, 2012 - 3:08 am

    Yes, the property is in WA.

    terrible mistake i started with and settlement agent made to me.

    The evidence we can show OSR is trust deed. It shows the trustee of trust is that company. I am not a valid trustee to the trust.

    Hence, if OSR believes I signed contract as capacity of my own, it's not a valid contract as I am not trustee. The company I represented is the trustee.

    Settlement agent suggested me to arrange a Variation to Contact to reflect the buyer's name as Trustee of the Trust. Bank also would like to reflect this in loan contract. Have anyone done this kind of variation? Shed some light on me. thanks!!

    Profile photo of MichaelGGMichaelGG
    Participant
    @michaelgg
    Join Date: 2009
    Post Count: 13
    November 1, 2012 - 6:16 am

    Thank you Scott for your reply.

    At the time the Offer and Acceptance was signed, the lawful trustee is that company. Therefore, a Trust appointed me as trustee did not exist.

    Also, I would prefer to have a company trustee for that Trust.

    I contacted OSR and been advised myself was not valid trustee. I will submit a letter to OSR to explain how the error occurred.

    Any suggestions?

    Profile photo of MichaelGGMichaelGG
    Participant
    @michaelgg
    Join Date: 2009
    Post Count: 13
    March 19, 2010 - 5:36 am

    Thanks

    Profile photo of MichaelGGMichaelGG
    Participant
    @michaelgg
    Join Date: 2009
    Post Count: 13
    March 19, 2010 - 5:17 am
    Qlds007 wrote:
    Hi Michael

    How many lenders do you know of that are still lending to PIT's.

    I can think of 3 and their lending policy is horrid.

    Hi Richard,

    Is it possibale that I borrow money from bank and then buy units in trust?

    Thanks,
    MichaelGG

    Profile photo of MichaelGGMichaelGG
    Participant
    @michaelgg
    Join Date: 2009
    Post Count: 13
    March 18, 2010 - 5:17 am

    Dan,

    Thanks a lot for clarifying your previous reply. I found it really helped me.

    Ryan,

    Love to read your posts. learnt many things from your other threads. Thanks
    BTW, I think i will set up an appropriate structure before the 1st IP.

    Number 8,
    I think the property investment trust (PIT) can distribute losses.

    I am still struggling to find a good accountant in Perth. Any suggestion?

    Thanks,
    MichaelGG

    Profile photo of MichaelGGMichaelGG
    Participant
    @michaelgg
    Join Date: 2009
    Post Count: 13
    March 16, 2010 - 12:19 am

    Hi Dan,

    Thanks for sharing.

    By using trust and company, there is the higher maintenance costs. Plus, no 50% capital gain discount entitled. No access to loss.

    Therefore, the reason that people using this structure is mainly to avoid risk?

    High income earner should buy couple negative gear investment under their name. And, they should buy positive gear property under trust to distribute revenue to other family member who has/have lower income.

    Profile photo of MichaelGGMichaelGG
    Participant
    @michaelgg
    Join Date: 2009
    Post Count: 13
    March 15, 2010 - 11:47 pm

    Boogz & Paul,

    Thanks for your reply.

    Boogz,

    I was thinking to use my company. But, I just found out it was not a good way to protect yourself. $1 company should be set up as the trustee. Cause it will control property but not own it. Correct me if I’m wrong.

    Paul,

    Would you mind to share more info to this kind of insurance (insurance company, cover, price etc.)?

    Thanks,
    MichaelGG

    Profile photo of MichaelGGMichaelGG
    Participant
    @michaelgg
    Join Date: 2009
    Post Count: 13
    March 8, 2010 - 2:30 am

    After a negotiation, the problem is off now.

     

    Thanks guys!

    Profile photo of MichaelGGMichaelGG
    Participant
    @michaelgg
    Join Date: 2009
    Post Count: 13
    March 6, 2010 - 8:38 am

    Hi Terryw, thank you for your reply. I'm not quite sure what's a green book? need to clarify this with my friends.

    we are in WA.

    Thanks,
    MichaelGG

Viewing 9 posts - 1 through 9 (of 9 total)