Forum Replies Created
Thanks Terry – for the thought you have put into the SMSF and TT proposition.
I would like to think PI insurance would stand me in good stead in a negligence case should it arise and I don't anticipate having a case of fraudulence to answer to!!
All the best, Morts
I think a distinction could be drawn between being negligence and fraud.
If you were to act fraudulently (sp?) I expect the recourses available would be wider and significantly more severe than if you were to act negligently. Also, another layer of protection against negligence is PI insurance.That was where I was heading with the PPoR. We are in the process of considering setting up a smsf with a corporate trustee and aim to add our children to it when they become adults. If, rather than leaving the PPor to me as a natural person, she were able to leave it to my super fund the asset would not pass back into my name. I do not know enough about potential 'adverse taxation consequences' but would like to explore what they may be. eg – would this be considered a 'contribution' and taxed accordingly? would this be considered a breach the concessional and/or non-concessional cap? Would I still be able to live in the property? It would seem to me, on the surface at least, if this situation did arise and it could be transferred into super it could be a very good outcome.
Any more or other thoughts out there…….??
Thanks for the replies.
Interesting observation Terryw.
I have contributed to the repayment of the loan and other non-financial contributions. I have assumed (dangerous to do I know!) that if I were to be sued prior to the house being in my wife's name that the property would be a target, however that once the property was in my wife's name, and assuming if I were to be sued it would be post transfer, that the asset would be protected as my wife is not a director of the company although she is a shareholder.
She does have a valid will, however it is not set up with a testamentary trust. I understand that a testamentary trust commences upon death and is used to deal with an estate or part of an estate until a certain point in time. In the situation I have outlined what is the purpose of a testamentary trust?
On the same theme can a person in their will leave a property to another person's smsf as it is an entity or must it be willed to them as a natural person? And if it cand be done, does it matter if the trustee of the smsf is a natural person or a corporate trustee?
Congratulations
Re-read your first post. You said this was the maximum amount you were prepared to pay and who'se to say you still won't end up with it as it hasn't sold at this stage – You may even get it for less than you were prepared to pay!
Got a score of 4,320. I see this as a neat, simple tool designed to get you thinking about how you live and how the choices you make today can impact into the future. Also, don't forget that nasty little thing called CGT!
Cheers
M.
Was the offer submitted by you to the owner directly, with the agent or did the agent submit it on your behalf?
Is the agent calling you or are you calling the agent?
In your conversations with the agent have you learned anything about the vendor or their circumstances? (this info should always be taken with a grain of salt anyway, but can help to formulate the background nonetheless)
With limited information speculating on what is going on, IMO, is a pointless exercise. As you have said the property is stale my approach would be to wait until near the deadline and contact the agent for an update. If there is no committment I would confirm to the agent that my offer will lapse at the appointed time.
If they want more $ or alterations to any other offer conditions the agent will commence a dialogue or if there are superior offers you may not get another look in as it is possible/likely that your lowball offer is being hawked around to others who have expressed interest in this property.If your deadline was written into the offer, and if the offer was in the form of a contract it can be amended just as any other condition in the contract. Thats in SA anyway.
Hope it falls your way.
M.
IMO there are generally only two reasons a property doesn't sell. Either the marketing is very poor or the price is wrong – or in the worst instance a combination of the two! As you are clearly dissatisfied with the REA's in your area I would recommend an independent valuation, arrange to meet the valuer if possible and find out info on market rents, time on market etc – at least this will provide you a clearer, independent picture of where you stand. Good luck!
M.Stumbled across this site last night and as I’m into cars and property I thought this would be a good first thread to post in!
We tend to buy our daily drivers when they are 18 months to 2 years old and then keep them for around ten years before trading again – this strikes a good balance for us. Currently running a 2005 Mazda 6 and the family truckster is a 2001 Chrysler Voyager. We also try not to use finance unless we know we can pay it out within two years.
Like property, some cars do appreciate and I feel priveledged to own a ’59 Karmann Ghia, (driver) a ’62 vw splitscreen kombi single cab, (project) and a ’63 vw 15 window deluxe kombi microbus. (project)
The end game is for the ’62 to be my daily and trying to convince the little lady that the ’63 would be ideal for her!The above discussions on plasmas et al is interestingto me and imo it just depends where you are at and what your priorities are. We have two normal tvs and I still remember buying our first colour one from saved gold coins, all our initial furniture and wordly goods came from garage sales and it was fun struggling along as you forge ahead.
Sorry for the rant on a first post but I’m up and running…
All the best
M.
