Forum Replies Created
Haitran not in this country you cant my friend.
If you buy and Asset and then sell that Asset CGT is payable on any gain. There are many ways to reduce the CGT but you can not roll it over. I think you are referring to a 1031 Exhange in the US.
Doesnt apply in Oz.
A Commercial property rolled into a SMSF is an exception and then only until 30th June 07.
Richard Taylor | Australia's leading private lender
Hi Paul
You will not unfortunately get the loan mortgage insured so will be limited to less than 80%.
The multi unit dwelling part is the problem.
Richard Taylor | Australia's leading private lender
Nigel
I think every reader of the post and anyone who knows Chad and the Professional way in which he conducts his business understands that Tax will be payable on a capital gain.
Thankfully due to concessional Double taxation agreement we have with the USA not everyone will be taxed at the 15% rate you mention.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
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New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
There is no need to go to the expense in asking an Accountant to do you up a letter to this effect.
Firstly your Mortgage Broker will put it in his submission and secondly the lender will see from the last lodged Company return that the company has not traded and was merely established to purchase and hold IP’s.
Depending on how many IP’s you are going to purchase will determine whether you actually require to establish a Pty Ltd Company straight up or use a Trust structure with Personal Trustees.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Another consideration would be to sell the PPOR into Trust now pay the stamp duty and then use you would be able to claim all of the interest as a taxable deduction.
The funds raised you could use as deposit on your new PPOR.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Lizzy the Mac Bank deal is only for loans over $200K and has no step down rate.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
No not at all.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Chris
At $65,000 the property presumably is in regional Australia and is probably zoned residential rural or rural.
One problem will be the postcode and whether the Bank / lender you approach can mortgage insurance the loan. If they can’t you will limited to an 80% lend.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Jim
Sorry i dont agree with Sanjiv if the unit is greater than 35 Sq M internally then you would easily obtain 90% LVR.
I think 1 bedders are a great investment so much so that i bought a block of 14 x 1 & 4 x 2 inline.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Tim
Good story and I am glad for you it had a happy ending.
I hear this every day of the week from clients and regretfully it is not all plain sailing when it comes to X collaterilising.
I hope you story get read by every investor thinking of taking the plunge.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Hi Silvery
There are a couple of considerations however it is possible to make the full interest on $300K full tax deductible.
You could use the additional monies raised to sit in an offset account for the time being and then withdraw it to use it as a deposit for your new PPOR when you purchase in Perth.
Regretfully redrawing does not help you as the ATO purpose will fail and the interest will be disallowed.
Happy to work the numbers for you if you provide me with a little more information.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Admitedly Accountants have little knowledge of lending or loan structuring but in saying that we have never had any problems in placing a deal within a Trust Structure.
This goes for full documented / lodoc / nodoc or Commercial. No tall lenders like Trust structures usually because the local manager does not understand them but a good MB will be able to work his way through the finance minefield for you.
Which State are you in ? as can always refer you to a top Trust Accountant on the Gold Coast. Think of my Australian clients have used him as he lectures around the Country on Trusts and Asset protection.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Also you are limited to around a 70% lend.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Hi there
I would need a little more information about your daughters income and the property location but there maybe a way.Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Would have thought that was something Richmastery would have given their affiliates.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Lenrhonda
CGT maybe not payable in yoru case. Have you considered selling them to a Unit Trust with you as the sole Unit holder.
With the funds raised you can pay down your non tax deductible debt almost to nothing.
This then means that all of you rloan would be 100% tax deductible.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Which State are you in ?
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Political rumour mill working overtime.
Saw a report last week that it could be $25K.
It is $10K in some States but you have to stop and think what it would do to the economy and the affordability for home owners.
Think it has 2 chances nil and buckleys
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Further on from Terry;s comment this means you need to choose the lender wisely as not all of them will offer a 100% offset account.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Yes you would certainly have to change lenders as i think for old Wide Bay Capricorn that would the biggest loan they would have seen across their desk in a while.
I am not totally convinced you would have to go lodoc so a full documented loan maybe possible.
As Terry mentioned you have some equity in the house so probably wouldn’t need to put your own cash to the deal and could use that to cover Council costs etc.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
