Forum Replies Created
Nicolas,
I don't think that is possible.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
s0805 wrote:Terryw wrote:s0805 wrote:Jamie M wrote:Just had ANZ do 5.44% on similar numbers.Cheers
Jamie
Hi Jamie,
No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.
Any other suggestions guys…..
Cheers
Write to them and ask for a payout figure because you are moving your loans across to bankwest
Hi Guys,
Just end up running the numbers and it seems like it will take me atleast a year to be better off if I move. A year is long time and situation (with extra lending) could change, so decided not to.
thanks for your all helps, it was great experience negotiating with lender straight (rather than broker…) bit confident now…..
cheers
I wasn’t suggesting you move…
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Possibly
see ATO ID 2004/407
http://law.ato.gov.au/atolaw/view.htm?rank=find&criteria=AND~instalment~basic~exact&target=J%20JA&style=html&sdocid=AID/AID2004407/00001&recStart=21&PiT=99991231235958&recnum=34&tot=3263&pn=ALL:::ALLTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
s0805 wrote:Jamie M wrote:Just had ANZ do 5.44% on similar numbers.Cheers
Jamie
Hi Jamie,
No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.
Any other suggestions guys…..
Cheers
Write to them and ask for a payout figure because you are moving your loans across to bankwest
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I will be running seminars on soon on North Korean property. After the war the value of prices will sky rocket.
I also plan to introduce fashion into the country.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The Dark Knight wrote:I've watched a lot or murder shows….watch out for Mrs W lolI’ve sacked my butler just in case.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The profits will be taxable.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I am worth $1.5mil…dead that is.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes it can be done.
As the house is in Vic your spouse can buy the whole of the existing property from you (no just 50%). This will release the full $150k which can be used to pay down the new PPOR loan saving you a lot of non deductible interest each year. There is no stamp duty payable in VIC on the transfer between spouses.
Cost will be small, some legal advice, tax advice and conveyance. but the potential savings are much greater.
How much you could save would depend on the spouses income, rents, depreciation etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Get some legal advice before accepting.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
A lawyer! trusts are nothing but a bunch of legal obligations and rights.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
There is probably no reason to separate the loans for tax purposes at the moment. It would only be necessary if you were wanting to pay one loan down independently of the other – for example if you moved into one.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Paul.
And mcho, you would be able to do with your property as you see fit. However if you were wanting to show prospective buyyers through before settlement then you would need a special condition in the contract.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
It would be good to have a ‘mark all forums read’ type button too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I read that the other day. It seems to be a technique which aims to control spending by giving the borrower a fixed amount to live on each year.
My concern is taxation. If this house ever became an investment it would be a disaster.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks for that Paul. I see that one looks at the situation regarding an investor who does a joint venture with a property manager to sell the property on installment contracts. Do you know of any other ruling where the owner just sellings on their own without a JV involved?
Just thinking the ATO may regard someone doing it on their own as being in business themselves????
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
sambarry wrote:Thanks guys! My next question is.: Let's say the spreadsheet say's that the property is going to cost me about $80 per week. Would tax benefits cover this to make it neutrally geared? Do people rely on tax for an IP to be positive or neutrally geared?Happy Easter to all,
Sam
This would depend on the income of the owner of the property and the amount of depreciation available. Possibly the tax refund would larger than $80 pw and this would mean cashflow positive after tax.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Danlawler wrote:Hi well done on saving such a large amount so early in your life.Like most of the advice I would caution anyone about using online services to set up any sort of structure themselves (trust, company etc) unless they are a trained accountant or really understand what they are doing. If you set it up in-correctly any mistakes you make have the potential to cost you greatly through tax implications later on so it is reccommended to go through a good accountant for this.
Good luck.
I would recommend a lawyer over an accountant because a trust is a legal relationship between various parties. for example what is the nature of the powers of appointment, the powers of the trustee, the rights of beneficiaries etc. An accountant wouldn’t know and couldn’t advise on this. There are also serious asset protection implications for the way it is set up and who should take what roles and how these roles should be structured. again only a lawyer can advise on this.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The investor will have to settle based on lower of purchase price or value and then wait for a while before applying for an increase.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
not_so_lucky wrote:Thank you TerryUnfortunately, there is no other choice but to transfer the property, for various reasons.
Are you able to tell me more about the transfer being voided, or where I can read more about this, and if it will apply to us?
It will apply to you, but the laws are different depending on why and how you are transferring. You should look at the bankruptcy act s120, 121 and 121A and also conveyancing act for the state the property is in – can’t remember which section off the top of my head.
If you had just went to a conveyancer you wouldn’t have found this out.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
