Jaidyn98 wrote:

using a lawyer over a solicitor?

Lawyers and solicitors are basically the same thing. Lawyers is a generic term which includes both solicitors and barristers

Commercial loans can be done in individual names

If you are asking about ownership structure then seek specific legal advice as many issues consider.  Transfer of title or declaration of trust will both attact duty and CGT to it pays to get advice.

It might be possible to go to separate lenders – might be hard if one contract of sale though

There is plenty of information out there. Perhaps start off looking at the loans available to SMSFs. The number of lenders is dwindling and the ones that do lend are making the most out of it with high rates and fees.

Once the trustee has purchased property it cannot be leveraged against – the equity cannot be borrowed against so think of it has basically a one off purchase that you set and forget.

Also consider the estate planning aspects if a member dies and their death benefits need to be paid out that would probably mean the fund has to sell to get the cash to pay out the member, and this could be costly in the early years and/or if there is a decrease in value.

Best to talk to a lawyer – but no differences in duty between trustees and persons/companies.

But should you be putting the unit into trust? Possibly not.

This is something you need legal and tax advice on – and credit advice.

Once you decide you will need to consider structuring the company and trust and how to structure the funding of it. There are traps at every step along the way.

Any specific questions please list them here and i will answer.

This would breach superannuation legislation.

This must be a victorian purchase?? Off the top of my head you would get the owner occupied rate if you intend to live in the property and actually live in it.

Fences are not deductible. This would be capital works, same with the paint. You could merely depreciate them at 2.5% pa over 40 years.

It should be ok to stand I think. Many people seem to have these thoughts!

Steven wrote:

<div class=”d4p-bbt-quote-title”>ricky1990 wrote:</div>
Your friend can show that he lived there if he has some proofs such as records

statements, letters, etc… to that property instead of where they are actually living. Now they have all the “evidence” that they live in that house.

The ATO searches the rental bond register too – which would be evidence the house is rented out so the full main residence exemption would be llost – and you cannot use the 6 year rule when still living there and renting out part of the property