Think if it this way, if you were to go bankrupt the banks would take the property securing your debt to them. Any other assets would be up for grabs. But if you don't own anything and have little equity then there will be nothing for creditors to take – this could discourage them from suing you in the first place.

I was a mortgage broker for several years and then started studying law and became a lawyer. It was a lot of work and took about 5 years but now I wish I had done it sooner. Given your tax background you may even get some exemptions too – and you can still give similar advice to what you are doing now, but get paid double! So why not become a lawyer? A tax lawyer?

I am also a mortgage broker still – I gave it up for a while, but got back in because it is easy work and it ties in with the legal advice. I've qualified as a financial planner and decided not to get licenced myself but have a licenced adviser in my office. This seems to be the most difficult of law, tax and mortgage broking. It is  a lot of work and hard to find people willing to pay the fees which justify the work. There is a lot of compliance work involved.

INCOME TAX ASSESSMENT ACT 1997 – SECT 118.145

Absences

             (1)  If a * dwelling that was your main residence ceases to be your main residence, you may choose to continue to treat it as your main residence.

             (2)  If you use the part of the * dwelling that was your main residence for the * purpose of producing assessable income, the maximum period that you can treat it as your main residence under this section while you use it for that purpose is 6 years. You are entitled to another maximum period of 6 years each time the dwelling again becomes and ceases to be your main residence.

             (3)  If you do not use the * dwelling for that purpose, you can treat it as your main residence under this section indefinitely.

          (3A)  This section does not apply if the * dwelling was your main residence because of section 118-147 and ceases to be your main residence because of subsections 118-147(3) and (4).

             (4)  If you make the choice, you cannot treat any other * dwelling as your main residence while you apply this section, except if section 118-140 (about changing main residences) applies.

Example:    You live in a house for 3 years. You are posted overseas for 5 years and you rent it out during your absence. On your return you move back into it for 2 years. You are then posted overseas again for 4 years (again renting it out), at the end of which you sell the house.

                   You have not treated any other dwelling as your main residence during your absences.

                   You may choose to continue to treat the house as your main residence during both absences because each absence is less than 6 years.

                   You can make this choice when preparing your income tax return for the income year in which you sold the house.

Only 1 would be exempt from CGT per couple.

Many courses I am afraid – Bachelor of law, Grad Dip legal practice, Master of law, dip financial planning, etc

And hundreds of short courses.

Yes, you would be taxed as you are doing this with a profit in mind. You could possibly help your grandmother though and she could gift to you.

However, there are many complex legal issues such as:

1. Capacity – does grandma have legal capacity? Could there be allegations of elder abuse involving undue influence etc. Often this will come from other family members

2. Losing capacity. She you do set up all up now and then grandma loses capacity. Has she appointed an enduring attorney? What will this person think? If it is you does the deed allow the attorney to make gifts to themselves?

3. Death. What if grandma dies? Who is the executor of the estate? Will they honor the agreement?

4. Death – what if you die? You have tied up your cash, can your estate get this back?

5. Gifting – pensions would be affected

CGT may or may not apply. Don't assume because it was a main residence that it won't apply for grandma.

Wilko, don't know what you mean when you write: "But certain gifts to different trusts can take larger amounts then the individual." But it is incorrect.

How you think you got the best deal? What are you measuring against?

I've seen a lot of people fall down because they deviate from their plan. Don't lend anyone money! I can't believe how many people have lend large sums of money and can't get it back!

Don't get side tracked into some sort of buisness scheme – most fail.

Don't get side tracked into shares if that is not your area and not in your plan

etc

I might have an old wrap kit floating around somewhere. Will have a look over christmas.

Why bother?

too many variables such as commercial or resident. LVR, total borrowings with lender, individual or company borrower etc

g. I have a client paying 4.83% with ANZ. He is getting a much better rate, but his situation is totally different.