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Terryw
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@terryw
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Post Count: 16,213
August 21, 2013 - 1:21 am
Yes it may be possible – but do you have the cash to build?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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Post Count: 16,213
August 19, 2013 - 9:31 am
Josh/Joah
You might want to consider a unit trust or a company, depending on the circumstances – or maybe own names.
Whichever way you should have some written agreement – shareholders agreement, unit holders agreement or just a joint purchasers agreement. This should cover as many what ifs as you can think of – what if he wants out and you cannot afford to buy his share for example.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 19, 2013 - 12:47 am
How do you know you have considered 'all the risks'?
What about
death
incapacity
divorce
insolvency
efftects on future borrowings
guaranteeing loans
director duties under the corporations act and common law
etc
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 18, 2013 - 6:25 am
Best to seek legal advice – from a lawyer – as there are many issues related to this.
Then talk to a broker about the lending issues – the effect on borrowing capacity etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 18, 2013 - 6:22 am
try MIchael at http://www.houseofwealth.com.au
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 18, 2013 - 6:22 am
This bit made me smile.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 18, 2013 - 6:03 am
bort wrote:
so does that mean i can originally claim residence and put power on for only one month before renting it out for six years without losing any CG when it comes time of sale?
No.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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Post Count: 16,213
August 18, 2013 - 1:52 am
Don't forget you must establish it as your main residence first for this to work (s118-145 ITAA97). Merely putting power on may not be enough.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 18, 2013 - 1:38 am
Bruce from Brisy wrote:
Hi Greg would you be able to comment on my last post please…..
So in summary if I have it correct – if I take out a CALL Option on a Qld domestic dwelling for say 12 months with 2 x 6 month extensions written into option – and on sell CALL option to an ultimate buyer or nominee – I only pay the CALL option fee (negotiable with seller) let's say non-refundable for the moment. The ultimate buyer pays stamp duty on property once he/she gives a notice to purchase to seller accompanied with a sales contract to seller thought Real Estate agent nominated by seller. I also place a CAVEAT on property when taking out the CALL Option to protect my interest in property. So what are the out of pocket expenses with this deal for me. Call Option fee let's say $1000, Caveat registration with Titles office – I think less than $200 in Qld, Do you have to notify local Council let's say Brisbane City Council that you have taken a Call option and Caveat on property? When exchanging Copies of CALL Option do you need a solicitor and if so what are the fees for administrating CALL option contract? I have a CALL options contract and is ready for use. Therefore no expense for Call Options preparation. Have a copy from a bootcamp I did recently. Although we didn't go into it in great detail for out of pocket expenses. What are the calculations for determining a CALL Option value? Is it a % of realised profit in deal that is: demo existing house and build 3 units with a realised profit of say $340K. Is 10% of that gross profit a starting point? Any help anyone can advise me on this subject would be appreciated. Thanks Bruce
Bruce – are you going to enter into an options agreement without legal advice? Very dangerous.
I have a client now who has sold an option to someone and they have stuffed up – he is able to get out of the deal because of this mistake in drafting.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 14, 2013 - 10:06 am
try http://www.houseofwealth.com.au
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 14, 2013 - 10:05 am
Yes, you would need to convey the title to one name.
Costs
– tax advice
– legal advice
– conveyancing
– loan discharge
– new loan
– new LMI possibly
– CGT possibly
– stamp duty
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 14, 2013 - 9:50 am
GF tax issues are very complex. You need to seek advice as there are some strategies to reduce the impact.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 14, 2013 - 9:28 am
sorry, should be s118-145
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 14, 2013 - 9:27 am
That is an old TD and would no longer apply because the relevant legislation is s118-146 of the ITAA 1997 – ie the laws have changed.
There is another ATO TD on what constitutes a 'principal residence' which you may want to look at too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 7, 2013 - 8:58 am
I am located in the CBD. Legally licensed to give credit, legal and tax advice.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 7, 2013 - 5:07 am
The Dark Knight wrote:
As the above posters have stated probably be best to get another opinion. It might cause some problems at tax time though with using equity from your PPOR for an investment. From memory yoú/your accountant would have to sit down and go over the interest for the investment deductions but it's a good way of expanding your portfolio
Depends how it is set up. Separate loan = dream. One big loan = nightmare!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 6, 2013 - 10:30 am
Bit confusing. I cannot understand what you have written.
You cannot swap assets between trusts or consolidate them (at least without some major issues).
You could have children take over the trust. But whether this will assist you claiming social security will depend on many things. Complex stuff you need to seek legal advice.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 5, 2013 - 1:18 pm
jenny111 wrote:
Hi.
Could someone please let me know which lenders offer a visa with 20K limit to cover for purchase costs, yet the limit is not included in the LVR calculation? And what the criteria would be? Is genuine savings is required and spread over what period? Thanks.
Regards,
Jenny111
Adelaide bank possibly. $20k visa card in addition to the property loan. Can’t be used before settlement.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 4, 2013 - 10:31 pm
Why should either get any grants?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 4, 2013 - 3:34 am
High variable rate.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au