Did you have another residence at the same time as this one?

Thats ok, thanks for the info.

Thanks Kate

Doesn't really make sense to me.

The trust may have an interest in the property but what happens if the property grows in value.

eg.

$100,000 property
$80,000 loan with Bank west
$20,000 interest via the trust having an equitable claim – not sure what
You may be able to say the person owns 80% and the trust 20%

After 10 years,
$200,000 property

Person 'owns' $160,000 less the $80,000 = $80,000
Trust 'owns' $40,000

If person goes bankrupt the trustee in bankruptcy will come in and take over the property (standing in the shoes of the person). The trust may have its position secured by registering its interest which may be a higher interest than the creditors. Bank will be first in line.

But the $80,000 equity will be exposed and when the trustee in bankruptcy sells the property this (minus there $79,000 fees) will go to creditors.

Also for that to be effective the trust would have to do something for its interest, such as injecting money.

Austlii is the most common website used by lawyers to check legislation. It may not be 100% as up to date as the commonwealth Govt one but it is much easier to use.

In this instance it is up to date and contains the same wording as the one you linked to, which wasn't the actual Regulation, but the update to it.

Now I get what you are saying: Govt is unjustly excluding "break fees" from the definition of "exit fees".

Hi

Refinancing won't affect deductibility, increasing the loan won't either unless the extra borrowed is invested.

New tax free thresholds mean you can each earn about $20,400 next financial year and pay no tax.

Can't comment on the proposed fraud aspects!

Look at the 6 year rule under s118-145 ITAA 97 which will allow you to rent out the property without losing the CGT exemption – in some circumstances.

Sounds like a mortgage broker is needed to me.

They can help you plan for planning how much you can afford to borrow and when. Its then up to you to decide on what sort of property and where.

Stay clear of someone trying to sell you their properties, but if you need help then maybe a buyers agent is needed.

Considering other aspects is also needed so you need a lawyer to assist with what names (I think you mentioned no possibility of a spouse though?) and estate planning – pre and post death. Lawyer and/or accountant may be able to advise on land tax and structures such as trusts etc But probably down the track a bit more

The ostrich method is very common. It is an interesting phenomenon.

Did they answer the administrator's request by listing all their assets and liabilities? I hope not.

Please let us know how they go. Might take many months but I am sure that the Administrator will come after them if they have assets – it generates more fees for the administrator.

http://jade.barnet.com.au/Jade.html#article=261412

Wow, not good.

Which state was the OTP in?

You could allow them to have a finance clause and hten an addition clause that either party could back out before the finance is granted.