Do you need an acccountant or a tax adviser (many confuse the two).

Try Darryl who posts on here as RPI.

You can only pay up to 12 months worth and claim it this year.

But you can only claim if you have incurred the expense. You would need to be invoiced from your insurer.

Property settlement costs – depends what you mean – capital costs likely
Bank loan costs, = borrowing costs deductible over 5 years (or life of loan if shorter)
Conveyancer costs, = capital cost
Buyers advocate fees…. = Capital costs

capital costs are not deductible, but they can be used to reduce CGT when selling

Why ask a real estate agent?

You need specific legal advice on this – not from an accountant, but a lawyer. No financial advice needed as there are no financial products involved.

You need specific legal advice on this.

You are a probably a non-resident for tax purposes. A company must have at least 1 resident director.
A foreign controlled trust may be taxed differently too.
And some states will impose more land tax.

Bjoern I would never advise my clients to do that. What sort of rates did you fix at? Variable are generally lower than fixed atm.
What if you want to or need to move lenders?

thats it Benny

I lent my one to a client year’s ago and he lost it so I only recently bought another one from ebay!

I have that book by Renton. It doesn’t cover asset protection – just mentions it vaguely in less than 1 page.

if you want to see someone in Melb then try Allan Swan http://epeq.com.au/aswan.htm

Benny, I have that book.
It is called “own your Home year’s sooner without making extra repayments” by Gill and Therry

It is the best book that I have ever read on learning about the compounding of interest.

BUT the method described involves using LOCs and anyone implementing the ideas using a LOC would create a tax nightmare.

Fortunately the…[Read more]

Yes it is possible.

But the negatives are:

– hurts serviceability by having a number of credit cards
– if you forget to pay on time or accidently pay less you will start paying penalty interest
– you will be paying PI and not IO
– tax deductibility issues as easy to accidently lose deductibility of interest.
– if you use the card you will be…[Read more]

This is what they call cross collateralising securities – using more than 1 security for 1 loan. Very dangerous and should be avoided.

The Question: I was wondering if anyone had experience with a tenants in common situation where I would become a part owner of my mothers investment property and any implications that occur from this?

Lawyers deal with this sort of thing all the time.

Some of the consequences on transfer
– stamp duty for you
– CGT for her
– social security…[Read more]

No you can’t claim depreciation when sold. In fact you will probably have to add back any depreciation claimed (reduce the cost base by the DIV43 claims that you made or could have made = building depreciation).

Consider a related party sale

You can ask, but it may still be worth getting your own as the life of certain assets starts again on purchase

These would be very hard to get, so best to assume 90% LVR.

You can get LMI loans up to around $2mil.

If you renovate you will have receipts so the cost of items can be added to your schedule. If you dispose of items you may be able to scrap them and write off any remaining depreciation claims not otherwise claimed – many depreciation companies will amend your report for no charge in situations like this.

Yes you can onsell – but consider what could happen if the land goes down in value. Also take into account the GST and stamp duty costs too as well as the income tax costs.

If you have any specific asset protection questions ask away, but I can’t really answer ‘should I’ type questions with something other then ‘it depends’ because it really does depend.

example.
Should I use a trust to buy property in NSW?

This will depend on
– if it is negatively geared
– you have used up your land tax threshold already
– if you…[Read more]

I would have to go back and look, but there are many incorrect statements and much that was left out. She doesn’t mention constructive trusts or resulting trusts for instance.

Trusts are very complex and are legal relationships, I am not sure why people go to accountants for advice on trusts or asset protection as this is law – outside of the…[Read more]