two weeks is a lot of time, many people only see their broker a few days before the auction!

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Hi Lesia

Yes that brings back memories. There was a lot of dancing and jumping around – probably 10-15 min per hour at least. Lots of video watching (We watched Titanic and another movie with Kevin Costner and baseball). Supposed to be inspirational. HAd to take off shoes at the door, and Roy did squirt people with a watergun (for coming back late etc).

Back then the refund was the course fee of $5000 less $500 for the hotel (5 nights in a 3 star hotel). Now I beleive he has constructed accomodation on site at the Hunter Valley.

Not sure about the endorphines??

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The title is in the name of the trustee. There is no mention of the trust anywhere on the title. Some then place a caveat on the title on behalf of the trust to make sure it can be easily proven to be trust property, if need be.

The trustee owns the property on behalf of the beneficiaries. If the trust does not make its mortgage repayments, the trustee will personally have to because of the personal guarrantee they have given.

If Trust B is a beneficiary of Trust A, then it can receive income distributions. Just think of it as another person. Income could be retained in Trust A, but the trustee has to pay penalty tax on any income that isn’t distributed – I think it is 49%. Other than that, I think that there are no special tax implications, unless one trust has a loss.

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Ni hao Anson

I am a mortgage broker based in Sydney!

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You may be able to do it in NSW if you are getting a divorce and have a court order.

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There are two ways to own an asset:

1) Legally
2) Beneficially

In a trust, the assets are owned by the trustee legally, but a owned by the beneficiaries beneficially.

eg. Say I buy a proeprty in your name. Maybe the house next door is forsale and I don’t want them to know it is me negotiating. I buy it in your name. You are the legal owner, but it is mine. You are the trustee and I and the beneficial owner. (this would be a bare trust).

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Just think what could happen, the market drops, you lose your job, the lender forcloses on your property, but there is a shortfall of, say $50,000. The bank will also have a mortgage over the proeprty of your parents. This means they could foreclose on their property too.

Maybe a slim chance of this happening, but you never know.

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This doesn’t seem to be a owner builder type situation. Carl needs a loan for a straight out purchase which he will renovate. The trouble is his income. Carl, you would need around $55,000 pa income assuming no other debts and $350 rental income, to service something like this.

Maybe the best way around this is as Josh suggests, get someone else involved with you.

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Yes it can. But if not done properly the ATO can disallow the deductibility of interest.

Have a look at:
TR 2002-18 – “Income tax: home loan unit trust arrangement”

Available from:
http://law.ato.gov.au/pdf/tr02-018.pdf

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Better seek some good advice. Companies are generally not favoured for holding property as they do not get the 50% CGT concession. Look into Trusts.

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