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  • Profile photo of TerrywTerryw
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    @terryw
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    Jak. Bit hard to read on my phone but that looks like the one.

    Dirdt link
    law.ato.gov.au/atolaw/view.htm?Docid=SFR/SMSFR20121/NAT/ATO/00001&PiT=99991231235958

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    I recall that the ato has put out a comprehensive ruling out on what can and cannot be done with property in a smsf. I am in japan now so dont have the reference handy.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    Freckle wrote:
    Can only appeal on lack of jurisdiction or denial of procedural fairness not judgments. Appeals are rare.

    I disagree again with the first part. Of course there must be grounds for appeal. A party cannot appeal just because they dont like the decisions but there are many other reasons why an appeal could be made. Eg.mistake of law.

    Appeals are rare. But a quick search will show there are many hundred appeals each year possibly thousands.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    As is exercising an option.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    Granting an option is a cgt event.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    make sure you get legal advice before signing contracts otherwise this commission could be passed on to you

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    you cnnot renovate using borrowed funds but it is possible using cash as long as you dont change the nature of the property.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    It may be possible to take the agent to a small claim court and it may be very cheap to do so without much financial risk. But consider what could happen if there was an appeal to a higher court. Things can escalate.

    When you go to court you generally lose, even if you win

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    Freckle wrote:

    My understanding is that within the British realm legal precedents are transferable between jurisdictions. The Auckland case was a bank (who owned the mortgage) moving to protect the asset assigned to the mortgage. My guess is that it may well set a precedent acceptable in Australian courts.

    Foreign judgments are not binding in australia. Not even british judgments. They can be looked at by australian courts and noted. But they are not australian law unless the high court uses the principles in a judgment and then’makes’ it law.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    DaveS wrote:
    Hey Guys

    Have just done a quick search and came across this thread and as I am just about to use some of my equity in my PPOR to buy an IP I thought I'd better ask to make sure I get it right first time.  Here's a little information about my situation – I owe 340k on my PPOR which is worth about 520k.  This mortgage has a 100% offset account and a redraw facility too.  I am looking to spend about 310k on the IP and I would like to put 20% deposit down to avoid LMI so I need to borrow about 62k plus expenses.  I have found a couple of properties I am looking at putting offers on.  After reading this thread I now know not to put the new funds in the offset so my question is should I borrow the 62k plus expenses and "park" it in my existing loan on top of the 340k and then use the redraw facility to get access to it when I need it or is there somewhere else the 62k plus expenses should be "parked". 

    Thanks

    David

     

    if u do as described your loan wont be deductible and furthermore you will end up with a mixed purposes loan which will affect future deductibility of your other loans possibly.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    Freckle wrote:
    Interesting..

    This is largely contract law (tort) unless specific legislation covers aspect of this disagreement. In the main during a contract dispute an installer of (whatever) can't simply walk in and reclaim the goods even if it states he can on a contract. He still has to get a court order to clarify the situation and where the dispute is at. This was tried some years ago in Auckland by a joinery company that had installed doors, windows, shutters, cabinetry etc in a luxury house. They rolled up early one morning and began removing all their product. A few days later they were ordered by the court to reinstall everything until such time as the matter was resolved in court.

    The small claims process is by comparison almost costless. Here in WA I simply file online when I have a client withhold payment or not pay for whatever reason. Costs about $120 which is added to my claim and the papers are served via registered post. Two weeks later I'm usually paid. Some try to hold out to the death but they always cough.

    The great thing about small claims court is no legal representation if you don't want it and no awarding of legal cost either way. Judgments are usually final so no appeals rubbish etc.

    In a claim the defendant usually gets a few options prior to committing to a tribunal namely; defend, pay part or pay all of the claim. The time frame is usually 4 weeks to respond so that leaves time for the RE and parties to negotiate a settlement.

    If I was Jo I would encourage the plumber to take the action against the RE and then act in a supporting role (no cost) and then go with whatever happens after that.

    sorry freckle. i disagree with almost everything you have written above. the poster should think carefuly about this as it could be costly and time consuming.

    torts is a different area of law to contracts. a tort is a civil wrong such as negligence etc. whst we have here is a contract dispute. nz law doesmt apply. the poster entered into an agreement with the plumber via the agent. the plumber can sue the poster. the plumber has done the work and is entitled to the money so he would have a strong case. losing would mean a judgme t on the credit report and this would affect all future finance applications for 5 years. the plumber may be entitled to the items as they belong to him. the agreement entered into could allow him to enter the premises to do so. it would not be stealing and the police are unlikely to want to charge him or to even become involved. trespass is a tort so you could possibly sue him if u hadnt given him permission, but this would be costly and unlikely to get you anywhere.

    i would suggest you just pay the plumber and forgetabout it.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    small business concessions possibly.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    double post

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    you need to get specific advice.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    the agent is your agent. you have given them permission to act on your behalf. if they have done something exceeding their power then they can be personally liable. but what are you seeking in this? was the hotwater system too expensive and do you want a reduction? legal fees will exceed the cost of the hws.

    the plumber probably has clauses in his contract that he retains ownership of the items until paid. he may also be entitled to go onto the property to take his items.

    i would suggest you be very careful how u proceed.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    there are no books devoted to asset protection for australian readers. you could try the trust structure guide which has a lot of relevent material, costs about $250. you should read the bankruptcy act in its entirity and relevent parts of the corporations act and conveyancing act in your state. alos succession act and trustee acts. family law act too. and then move on to the relevant cases.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    Probably cross collateralised, or used a LOC for the deposit etc

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    These were from my notes, the URL has probably changed

    Try searching http://www.ato.gov.au/rba/disclaimer.aspx with the PBR number.

    I didn’t keep copies, so hope they are still available.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    There are also a few private rulings out there where the ATO actually said it was ok – these only work for the individual that applied for the ruling. Might be good ammunition to rely on though if you try the same.

    PBR 94313 http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/94313.htm

    PBR 93035 http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/93035.htm

    PBR 93707 http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/93707.htm

    PBR 94313 http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/94313.htm

    One where they said no

    PBR 1011345133229 http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/1011345133229.htm

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    Guys,

    Why not charge a nominal sum of $100 to $500 for your services. You could have this rebated if the client’s loan settles. Once someone has paid some money they are more likely to stick around, even if it is just $100.

    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

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