Forum Replies Created
Agree with HB and Ed..
Dont buy in a Company, buy in a Trust with a Company Trustee for-
Asset Protection
Succesion Planning
Wealth Creation“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOriginally posted by redwing:Originally posted by Terryw:I think you will only be allowed to have a loan at the same amount or less than before and no more than the previous LVR. Any increase will result in a retesting of serviceability.
You may not have to settle on the same day for the sale and purchase. The sale can settle first with the bank holding the loan open for up to 3 months – depending on the bank’s policy.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]So its not able to be done Terry?
I’m looking at refinancing and drawing out equity but you are effectively taking out a new loan, increasing DSR limits and LVR..My thoughts were refinance, put Equity into LOC..For when needed, thereby effectively keeping loan at same level until drawn down..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI’m not sure how to rephrase it?
If youre at Your serviceability limits then are you saying that what SiS was proposing (or similair) cannot be done and increasing your loan and LVR
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOriginally posted by giddo:I rent my PPOR from the family company.
As such, I need to pay a market rent to the company for the house.
IYou may be right, I took it as he (Giddo) rented it from the company..it is his PPoR but he doesnt own it?
I wasnt looking at M.I.T’s post and seem to have got confused between posts, not trying to argue, just trying to understand mind you as I find it all interesting
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHere’s another Funny
A farmer went out one day and bought a brand new stud rooster for his
chicken coop. The new rooster struts over to the old rooster and says,“OK old fart, time for you to retire.”
The old rooster replies, “Come on, surely you cannot handle ALL of
these
chickens. Look what it has done to me. Can’t you just let me have the
two
old hens over in the corner?” The young rooster says, “Beat it: You
are
washed up and I am taking over..” The old rooster says, “I tell you
what,
young stud. I will race you around the farmhouse. Whoever wins gets
the
exclusive domain over the entire chicken coop.” The young rooster
laughs.
“You know you don’t stand a chance, old man. So, just to be fair, I
will
give you a head start.”The old rooster takes off running. About 15 seconds later the young
rooster
takes off running after him. They round the front porch of the
farmhouse
and the young rooster has closed the gap.He is only about 5 feet behind the old rooster and gaining fast. The
farmer, meanwhile, is sitting in his usual spot on the front porch
when
he
sees the roosters running by. He grabs his shotgun and – BOOM – he
blows
the young rooster to bits. The farmer sadly shakes his head and says,
“Darn…..third gay rooster I bought this month.”Moral of this story? .
Don’t mess with the OLD FARTS – age, skill, and treachery will always
overcome youth and arrogance!“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorPLUS IO payments are less than P&I..
In my situation i’m not concerned with reducing the loan (that happens when we try and *tweak* the loan to quote DD)
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI’ve completed the Income Tax Wages Variation in the past through an accountant..
Learnt that you can do it yourself very easily..download the form from the ATO site
I’m quite happy getting my refund at the end of the year as Wylie has said, we pre-pay a lot of items for the preceeding yearand drag them into this FY, my Tax is done in the first week of the new FY and two weeks later I’ve got a great refund
the S15-15 ITWV doesnt help my serviceability (current bugbear) so I’m in no hurry to get it done..plus all loans are FI-IO (I have ability to pay additional though if needed..my thoughts are best time for this is with tax chq)
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOriginally posted by hb:sounds good, millionintraining
i assume your using your PPOR for your company to use a small office in…right
well don’t forget the other end…
what other end?once you start claiming a tax deduction….all those 101010101010101010010101001 (digital data)(tax deductions) entres the ATO database.
so when you sell your PPOR…guess what….
up come all the 101010101010101010010101001
and there we have it
CGT on a % of you’ve PPOR…taxes….helps pay for the PMs new 737, flying around the country
He doesnt own the PPoR though Hb, a company he happens to work for does, he’s just a tenant?
50% reduction on CGT after 12 months..plus if a trust is involved, CGT can be allocated to best suit the situation of the beneficiaries..
Best Option, dont sell it (0% CGT) but use the equity gained after some years to purchase another IP for the company and rent the previous IP (PPoR) to another tenant ?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThanks everyone..
Still doing the groundwork for my main goals for 2006, hopefully with help from some of the more experienced Forum Members who I’ve been in contact with I can achieve them..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorShaun
Wish you all the best mate..
PS- Did you get your Australia Day gift from Ed; Great Surprise to me
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThey say a fool and his money are soon parted..
I always wondered how a fool and his money got together in the first place??
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorIts your cute girly looks, big white eyes,spiky hairdo and yellow skin
)“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOriginally posted by Terryw:Redwing
I have had an email back from RAMS saying they will do HDT, but the loan must be in the same name as the title. cannot have a company trustee and loan in directors name. If personal trustee, then should be ok.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Thanks Terry,
Guess they still dont like doing them after they tried one as they’re too complex for the solicitors at NLS?
did they explain why they dont like a pty ltd trustee, after all they get a guarantee from the borrower?
Who else does loan to a HDT with a Company trustee then?
-I believe Westpac isnt keen on trusts , but Bankwest is ok?
Any others you know of?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorWhy would you not pay CGT when you sell the subdivided block ???
I’m interested..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHey Terry ask them if they will do it for a HDT?
Redwing
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOriginally posted by GH:I’m looking at moving an exisiting house onto a vacant block, doing some renovations etc and renting it out. The project would require new stumps, plumbing and power connections etc
Does anybody know what the depreciation position would be ?
Id say contact Scott from Depreciator or one of the other respected Firms
Would it be treated as a new dwelling or not ?
Wouldn’t think so..It’d be treated as per the norm, then add renovations etc..prob best to get the report done first though..prior to moving
Can the cost of transporting of the house be included in the cost of the house ?
It can be added into your costs for tax purposes
The house has been at it’s current location for approx 40 years.
Id say work off that mark then unless you know its full history“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOriginally posted by Terryw:I think you will only be allowed to have a loan at the same amount or less than before and no more than the previous LVR. Any increase will result in a retesting of serviceability.
You may not have to settle on the same day for the sale and purchase. The sale can settle first with the bank holding the loan open for up to 3 months – depending on the bank’s policy.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]So its not able to be done Terry?
I’m looking at refinancing and drawing out equity but you are effectively taking out a new loan, increasing DSR limits and LVR..My thoughts were refinance, put Equity into LOC..For when needed, thereby effectively keeping loan at same level until drawn down..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorFrom what I’ve heard he’s very good at what he does and has visited this forum from time to time
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHmmm get featured in API and attract African Scammers..?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculatordazzlings probably in the middle of nowhere..maybe even bobbing around in the ocean…and as an Investors mind is warrant to do he starts ‘scheming’
)“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculatorhave you costed the complete deal?
Why not involve your friends by offering it as a Joint Venture proposal?
Have you spoken to one of the great Motgage Brokers here about your options?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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