Hi @terryw, you mentioned that you have read Dymphna’s book on asset protection and that it has many holes in it and that you couldn’t recommend it. What specifically is erroneous about the information she shares? I read Dymphna’s book and it seemed to be a good introductory guide for the layman but I admit I am inexperienced in this area. I’m new…[Read more]

Thanks for the artcile and further explanation Corey.

Thanks Corey and Terry for explaining the LMI I never knew there was a discount and this is a game changer for me, I’ve got an existing loan where I can probably access another $60,000 that I was afraid to use due to LMI. I didn’t realise there was a discount. Now I’m excited to use it.

I…[Read more]

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

@zen007 – if the trust isn’t in existence when you enter into the contract you may have to pay double stamp duty. @terryw

Anything to add @Terryw?

Good questions there from @Terryw. First decide whether you’re a growth investor or income investor. In light of current rental yields, unless you’re sitting on seven figures of cash, you’re probably a growth investor.

Arthur you should know this is an investors forum that values membership contribution. Those of us who own related businesses contribute our advice and expertise free of charge over years not months weeks or days because we are investors ourselves and value the conversation plus as a way to give back in a small way. In return those that like…[Read more]

@Terryw but that only matters if he is planning on selling.

@Rob, just buy it in your own name, yes you don’t get 50% cgt BUT you will get a pro-rata based on how long you live in it yourself eg if you buy and then move there in 10 years AND live another 20 then you will get 2/3rd of the 50% CGT
(lol that’s IF and its a big IF the 50% CGT is in…[Read more]

@Terryw but that only matters if he is planning on selling.

@Rob, just buy it in your own name, yes you don’t get 50% cgt BUT you will get a pro-rata based on how long you live in it yourself eg if you buy and then move there in 10 years AND live another 20 then you will get 2/3rd of the 50% CGT
(lol that’s IF and its a big IF the 50% CGT is in…[Read more]

Great post @terryw . The asset protection question comes up a lot and that’s the best summary I’ve seen yet. :)

@terryw would a claim for Adverse Possession be possible in this situation? The full rates have been paid by the owner claiming adverse possession. The deregistered company has never paid any of the rates or has had any involvement with the property.

@terryw would a claim for Adverse Possession be possible in this situation? The full rates have been paid by the owner claiming adverse possession. The deregistered company has never paid any of the rates.

@terryw would a claim for Adverse Possession be possible in this situation. The full rates have been paid by the owner claiming adverse possession. The deregistered company has never paid any of the rates.

Which state are you in? In Tasmania the situation is that if the standard form contract was used then the builder would not be entitled to charge any penalty interest for a simple 2 or 3 week delay, but would be entitled to charge you for any losses he’s actually incurred. Therefore if he’s incurred interest costs to his bank in the amount of…[Read more]

Thanks @terryw. I should have also mentioned that the owner is a private company that was deregistered in 1995.

Can they be sued for all the fees and taxes already paid?

Agreed @terryw I prefer coffee.

@TerryW in the case for the Accountant over claimed what cannot be claimed, who’s fault is this when the client gets audited by ATO red handed ?

What @Terryw said – if possible buy a place for yourself debt free, which avoids paying out rent and gives you some life stability after a big change, then set up 80% loan with offset (talk to the brokers) and set some aside as buffer, use the rest as deposits, get new investment loans on any properties you buy and it should all be tax deductible.…[Read more]

I hate to think how many times this happens @Terryw! Imagine if the forum distributed dividends for all good advice leading to savings made or costs avoided???

Thanks Guys.

I remember him telling me last week that it would be cheaper to go down the single trustee’s path on the tax accounting side. We were just having a general convo… Hmmmm may need to clarify with him as the reg fee is nothing, it was the $1k in trust accounting i wanted to avoid if there was no risk or problems with it.

@Terryw -…[Read more]