Forum Replies Created
Simons analogy of the different motor vehicles is so true.
For each persons individual circumstances the answer would be different.
Certainly Superannuation has the most attractive Tax strructure and even if you buy and sell an IP within Super the CGT is less than it would be held personally is you hold for more than 1 year.
In saying this there are limited gearing opportunities and therefore many people prefer to purchase assets outside of Super as they cannot borrow in the traditional way.
Like Simon I am in my early 40’s and am lucky enough to have retired and work when i want so for me i look to maximise my Super contributions in order to both protect assets but also enjoy the Tax haven it brings.
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Richard Taylor
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Surely the maximum you will save is the cost of the conveyance ?
As i say for $350 or so then well i have better things to spend my time that are more profitable. Leave it to the experts and use your skills to generate more income.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
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Bronny
What State are the properties in?
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Richard Taylor
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In Qld you are unlikely to find any agent allow that as the deposit is usually an amount to cover the agents commission.
Sure Ownit can sort it out though.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
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Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Avanti
That is actually not quiet correct.
The Trustees formulate the investment decisions not the Auditor and they are the who are responsible for the day to day management.
The Auditor is only requesired to sign off at year to confirm the compliance of the fund.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Sue
If any Accountant suggest a strategy then i would be giving them a wide birth.
Such a transaction will breach the in house Assets Test under Section 71A SISA. The transition rules for assets purchased prior to 11 Aug 1999 have until 1 July 2009 to unwound.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Thanks Terry.
Assumed it was a NSW thing.
Don’t think it has hit the Sunshine State yet !!
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
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Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Chad
Good to hear of someone actually helping out those investors who were sold overpriced properties in WNY.
Mate i know if anyone can do it you will.
Enjoy your break.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi,
I do know of another was to get into property using your super.
If you are seriously interested send me an email [email protected]
Regards
AndrewAndrew, why not post it for all to read and comment unless of course as your first post this is an ad for some form of business.
SMSF can certainly purchase property and i have several properties within my SMSF as well as decent portfolio of shares and the odd instalment warrant.
Regretfully as has been stated a SMSF cannot purchase units in a UT or indeed purchase a property with a any related party where there is any form of borrowing secured against the Asset.
Trustee breaches within your SMSF are severe and can carry significant penalties both monetary and criminal.
Check with a Professional Adviser prior to taking such a course of action.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Anyone advise me what a warp is ?
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Pagan
Might like to do a seach on the forum and see what has been posted on this as it has been raised on more than one ocassion.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
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Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Red
I am sure that Bennett & Phillips know what they are talking about but Installment Contracts are a specialised area and we have found over the last 10 year of being involved in providing Vendor FInance that not all Solicitors understand the mechanics.
Ask them to provide you with a full cost of preparing such a contract as having done over 200 know we find that the costs vary considerably.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
KR
You say advertise, will you be a co-purchaser or are you looking to pool together investors and then find them property.
The reason is you need to be aware of the Managed Investment Act which deals precisely with this issue.
Post more information and we might be able to assist you further.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
RL
Try Steve Hodgkinson who is a good friend, business partner and has been my accountant for 12 years.
He is a partner at the Gold Group in Southport and knows property inside out.
He can be contacted on 5532 2855 tell him i sent you so you can get past the receiptionist. Most decent Accountants aren’t taking on new clients.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Might like to do a forum search on the Investors Club as they have appeared in many a previous post.
I promise you that Kevin & Kathy Young whatever they tell you are not doing it for charity.
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Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
I would use Ownit.
Ownit are the conveyancing arm of Melville McGregor Solicitors and Leonnie and half of the staff walked out 2 weeks ago to join CSM.
Neither of the original partners who are both personal friends are there and have sold the business. They are cheap but now so is the service levels.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Scotty
What a load of rubbish – i would be ditching him NOW.
Without knowing all of your details I would suggest that you consider an interest only loan and link it to a 100% offset account.
If you decide to move and want to retain the property and rent it out you will be able to claim the full interest on the original loan as a deduction and have the flexibility of switching the offset account to the next PPOR.
Many lenders limit the initial interest only period to 5 / 10 years and then review it subject to the conduct of the account.
I guess 1 downside would be that if the loan is > than 80% LVR then the LMI premium maybe more expensive under an IO loan rather than P & I.
Shop around and see what you can find.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Paul try
CSM Conveyancing
6 / 82 City Road
BEENLEIGH
Q 4207Ph – 3807 2233
Fax – 3807 3841Ask for Leonnie Dixon and tell her i sent you.
Has been my Solicitor for 12 years and is cheap yet the best quality service going around in Brissie.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi there
No sure exactly what you mean “claim back settlement fees etc”.
If however you are referring to the general costs of purchasing i.e Contract stamp duty etc then you can add these to the cost base as well as any improvements when you are calculating CGT on an IP.
If i am way off the track please redefine your question and we will try and assist further.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi Sandra
Before you jump down my throat i had nothing to do with amending your post. I didn not even notice it had been amended until recently.
Ok 2 things.
1) The loan you mention is available to a range of brokers throughout the Country and is nothing special. Many other lenders offer a capitalised product and the lender certainly does not have a patent pending on it – You might like to check that directly from the source.
2) If it is general product why not post the entire information so other investors can read about it rather than keep it secret. Post all the information you have and then it can be left open to discussion.
When you first post happens to be an advert for services the forumites get a little suspicious.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
