Replies Created | Forums | Terryw | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 3,721 through 3,740 (of 16,319 total)

« 1 … 183 184 185 186 187 188 189 190 191 … 816 »

Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 10, 2012 - 1:21 pm
Thanks Plummer.
Very good points you make.
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 10, 2012 - 1:06 pm
You have to be careful with putting money into a LOC for tax reasons.
I would sugest you change the LOC to an interest only loan, at a lower interest rate, with a 100% offset account. Pay all rent and wages into the offset. This will save more interest and you have the flexibility of paying off the loan at any time in the future.
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 10, 2012 - 12:13 pm
In that case you would want to pay off your debt on the main residence first prior to the LOC as this wouldn't be deductible.
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 10, 2012 - 11:42 am
PN,
Best to email me and I will give you their number privately rather than put it on the forum.
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 10, 2012 - 10:47 am
PropertyNovice wrote:
Hi Terry,
I'm based in Sydney. I have been paying my accountant $950 for the SMSF, which is sitting in a bank account for cash at the moment, and the audit report costs me $250.
I'm not sure if these fees are right, but the work doesn't seem complicated to me. For the tax returns, what I need to provide my accountant is just the bank's annual statement, showing the balance and its contributions.
Have I been paying too much?
Kind regards
Hi PN,
I can put you on to accountants that i work with in Sydney who would charge much less than that.
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 1:47 pm
Yes, a clause like that could be added to the standard contract. If it is not in the contract then it won't be enforceable.. But you should use a solicitor to draft it/ You should also note that the builder may not agree to it.
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 7:17 am
Gazza21 wrote:
Additionally, do you need a 20% deposit when purchasing through a trust or can you get away with 10%+ and LMI?
Its possible to get 90%
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 5:58 am
Let me expand on my post above.
Some things to consider when setting up a trust:
Consider the following
type of trust
terms of deed
classes of beneficiaries
How to contribute capital to trust
who should be trustee
control of trustee
who should be director of trustee
number of shareholders of trustee company
who should be shareholders of trustee?
constitution of trustee
specific beneficiaries
default beneficiaries
right to retain income in the trust
Who should be appointor
how many appointor
death of appointor
should there be a guardian
death of major people behind trust
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 5:45 am
I also found that when typing on my iphone, in reply to a message on this forum, you type away and then it takes about 2 secs for the characters to appear on the screen. Doesn't seem to happen with other forums. And then the curser jumps around – which could be due to my fat fingers.
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 5:45 am
Another tip,
When sending out the automatic emails to notify that someone has replied to a thread I would prefer it if the link to the thread is at the top of the email. Otherwise I have to scroll down to find it
thanks
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 5:43 am
Sounds like you might doing things wrong with that LOC. You have structured it so that it is not tax effective. You are paying down, but are you taking money out? Do you have any non deductible debt?
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 5:40 am
An offset account against your loan on the main residence perhaps>
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 5:38 am
I found that when typing on my iphone, in reply to a message on this forum, you type away and then it takes about 2 secs for the characters to appear on the screen. Doesn't seem to happen with other forums. And then the curser jumps around – which could be due to my fat fingers.
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 4:18 am
this foru
Hard to navigate and stupid auto correct I give up trying to post on an iPhone
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 4:16 am
I
Gazza21 wrote:
Hi TerryW,
Can you elaborate a bit on your points just in the process of planning a trust what should I include/avoid so assets can never be touched !?
Thanks..
Could write a book on this topic as there are so many ways a trusts assets could be at risk.
Setting up through an accountant or your is very dangerous.
Consider the following
type of trust
terms of deed
classes of bebeneficiaries
How to contribute capital
who should be trustee
control of trustee
who is director of trust
number of shareholders of trustee
constution of trustee
specific benbeneficiaries
Who is appointor
how many appointor
death of appointorde
ath of major people behind trust
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 9, 2012 - 12:09 am
Dubstep wrote:
.
http://www.youtube.com/watch?v=LuDN2bCIyus
.
crazy video. wonder how they got approvals
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 8, 2012 - 11:54 pm
MrLasVegas wrote:
2. My conveyancer didn't mention this to me when I bought – and the zonings were already rezoned before he was doing his research and due diligence with council etc and he didn't pick it up – do I have a legal case against him, assuming the value of my property will drop if the units are built around my house? I would NOT have purchased the house had I known about the rezonings.

Did you ask your conveyancer to check this?
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 8, 2012 - 10:40 pm
You have set it up incorrectly.
You will find that you cannot claim the interest on the LOC which will be used to fund the new PPOR.
What you should have done was borrow money from your parents and used the LOC to repay this loan. You then ask you parents to lend you (0%) or gift you for the new property.
This would have saved you a bit in tax each year.
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 8, 2012 - 10:36 pm
Best to seek expert advice as this is complex
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 8, 2012 - 1:58 pm
Just looked at the pictures and you were very brave buying that!
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