Forum Replies Created
Have to disagree about a 1 stop shop in Brisbane for everything Tax wise.
Steve Hodgkinson from the Gold Group who is a contributor to the site is an expert on SMSF and covers every area of the business from structure set, up Tax returns and SMSF Audit.
He has been my accountant for 15 years and we finance 101 of his SMSF clients.
Remember not all Accountants are set up to carry our SMSF Audits.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Obviously need to factor in the set up costs for the SMSF Finance into your numbers but other than that ii can't see an issue as long as you are not seen to be running a business.
Remember concessional CGT is only 10% inside a SMSF where the Asset is held for > 365 days.
Also CGT calculated on Contract date and not Settlement date.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I have a UK assets in my SMSF and no issues but just need to make sure as Terry mentioned your Tax affairs can be catered for.
Also make sure that a sole investment in a property asset is in line with the investment objectives of the Trust Deed.
Starting to see some issues with some of SMSF Audits we have been involved in with clients.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Claire
Ok if you have the Trust set up with a Personal Trustee you won't get an 80% lvr with any lender so if you are looking to maximise your gearing going to need to change it to a Corporate Trustee.
In relation to your comment about renovation / repair a SMSF may use borrowed funds to maintain or repair an asset but cannot improve the asset in this case property. In this case an improvement could be building an extension etc.
Repairing an Asset would involve merely restoring the function of the Asset to its original state and does not change the character of the Asset.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Da One i would also second Terry for his expertise in this area.
I flew down to Melbourne last week to see some SMSF clients so if you want top advice i would make an appointment with Terry and jump on a plane and go and see him.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I am with Jamie i have a couple of IP's and still use Excel to track the income & expenses.
I employ a property manager and she pays all of the expenses checks the income and emails me the spreadsheets.
I then put this information into a simple online Cashbook called Cashmanager which works well.
Have to say whilst i sympathiise with you really you should never be out a dollar.
As Freckle mentioned i think it is a matter of starting from square one and going thru ever entry.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
No Darryl just trying to endorse your services lol.
Yes darn phone screen is too small or is my eyesight this time of night in the dark.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Been here since 2003 which is the longest ever in 1 house.
Maybe i am getting to old to move ever 5 minutes.
From the UK to Oz and then 5 times in Qld.
In saying that wouldn't mind moving back to the Coast and into one of our IP's.
Just a matter of getting the last 2 kids thru Grade 12 and we are away.
Forget the Boomerang generation, more catch me if you can.
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Yours in Finance
Richard Taylor | Australia's leading private lender
How many have been listed on VF terms ??
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Yours in Finance
Richard Taylor | Australia's leading private lender
Smarty never heard of them but they sound like a property marketing company to me.
I am based in Brisbane so if you want to post where they were recommending i can give you my 5 cents as to whether i would personally invest in such an area.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hopefully we all get flown to Melbourne to have dinner with the other 9.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Away from that the biggest caution should be valuation.
Seen so many deals where the valuation and purchase price are more than a few dollars apart.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Really Bugaloo nothing sold for > 3 years.
Funny i have financed 3 sales in 2 months from forum members who have purchased an investment property in Beenleigh so not quite sure about that comment.
My Solicitor for the last 18 years runs the largest Conveyancing practice in Beenleigh and she is absolutely flat out.
Admittedly caution needs to be taken however i think your response was a slight exaggeration.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hopefully Robo given that the request was 16 months earlier i hope that grantos has found someone by now.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Agree Darryl how many of these have we seen never get off the ground in Brisbane over the last 15 years……
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Yours in Finance
Richard Taylor | Australia's leading private lender
That is of course assuming you notify the Seller that it hasn't been approved within the prescribed period.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry mentioned Tax is a small consideration as this will change with time.
Few other things i would have been asking an Accountant about prior to Tax..
Got an enquiry from a forum client yesterday whose Accountant had charged an arm and a leg for a super duppa Tax minimisation entity.
Trouble is finance options are now limited and actually going to cost him circa 0.8% higher for the term of the loan.
One of many things to think about.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I can give you a couple hundred names and addresses of clients who i have Vendor Financed who seem to be very happy with their purchase.
I actually have one i purchased in my SMSF in 2003 which is just financing out now and owes $174K.
His Bank have just valued the property at $242K.
He has been paying me interest only for nearly 10 years and i have never complained and certainly he is more than happy with the current Bank valuation. School principal and his wife is also a teacher so certainly not down and outs.
Same as everything good and bad Vendors.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry has mentioned Deed of Partiton would sound like the way forward but finance may not be possible or of possible very restrictive and not ideal for each party in the future.
If are in Sydney and want some top advice you can't go past Terry.
If you are in Brisbane then try Darryl who is ay
PRO Town Planners Brisbane 3399 4969 [email protected]
Property, Property Development, Investment and Business Law [email protected]
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Can all those maiden posters who are thinking of signing up tell me what they are looking for in a Mentoring program?
Just interested to gauge what you think you get for your money ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
