the property couch podcasts are generally good – but not this one. Best to avoid it.

Get some legal advice.

A trustee possibly can be changed, but the consequences need to be considered such as:
– Who has the power to change
– control
– stamp duty
– changing titles
– reapplying for loans
– serviceability down the track
– change of company and stamp duty down the track.
– cost

No need to cross collateralise – because you can do the same thing without.

On a contract of sale for the purchase of land – but there is no duty on mortgages anymore in NSW – or elsewhere I think.

Well you might be able to sue someone for the loss you have incurred so make sure you get some legal advice.

it might, but may also be a fault of others such as the builder. you should probably consult with a strata lawyer such as gracelawyers.com.au

Why do you think the body corp is responsible for repairs to your unit?

a caveat is not a form of security. just a notice that someone has some equitable interest in the property. So you could allow a trustee to lodge a caveat, but if there is no interest this would be ineffective. You could have some sort of agreement with the trustee whereby the land is charged to the trust. This could be like giving an unregistered…[Read more]

You would simply go back to the same bank and ask to borrow more.
You could increase your loan to 80% LVR or go up to 90% LVR with LMI payable (but a credit received for the amount already paid).

Make sure you consider the tax aspects of loan structuring – you would probably want to refinance the $50k used from the LOC so that you can use this…[Read more]

It doesn’t matter about your brother – but when you moved out.
Are you claiming any other property as the main residence? If not then you might be able to claim an exemption for part of the time.

You should seek proper tax advice.

You will need to apportion the land over the 2 halves taking into account any remaining house. You will need to pay a valuer to do this as it will be unlikely the that 2 halves are identical – they may have different aspects, views, positions, neighbours etc.
Any expense relating solely to one block would be an…[Read more]

Did your contract with the tenant include provisions for TV reception? Even if not the fact that a TV aerial where there when they moved in may mean you should repair the problem. How much would it cost you if they moved out and is it worth considering paying $400 to prevent this?

You have to distinguish the 2. Income tax uses the term ‘main residence’ whereas the land tax legislation refers to ‘principle place of residence’ (in NSW anyway). Different rules resulting in different outcomes.

The main residence/PPOR is basically the place you reside in as your home.

Those items listed may be used as evidence, but just…[Read more]

very unlikely insurance will cover things like that.

How much would it cost to fix? What would this do to your positive (almost) cashflow? Would the buyer reduce the price by the amount it would cost to fix?

5 years possibly
credit for GST you pay
Perhaps
If you don’t sell, if you are not classed as an enterprise, if you are not required to register for GST

It doesn’t really matter what entity owns the property.

You need specific tax advice.

If you retain a property you will not have to pay GST as you won’t be selling. but you won’t be able to claim input tax credits either.

If you sell a new residential property you will need to remit 1/11th of the price to the ATO if:
you are registered or required to be resisted for GST,
you are carrying on an enterprise
etc

You should speak to a lawyer to set up a trust – an account will just give you an off the shelf template with the names filled in and cannot give you advice in relation to it other than commonwealth tax asepcts.

They would have to work out the cost base – which would be roughly market value now less the value of the land when they bought it and assocaited costs – they could use expenses such as rates, interest etc to reduce the CGT.

The CGT event will be at the date of transfer and any CGT will go on their income for that year. If they did the transfer…[Read more]

Legals
CGT
stamp duty
and this could effect the pension.
Also asset protection issues.
deductibility of interest issues

The main residence CGT exemption won’t apply as it will be vacant land.
Could you let them keep it and leave it to your in their will?