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Can they not borrow against existing equity and keep the house?
Terryw
Discover Home Loans
North Sydney
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I beleive companies do not pay CGT. Any profit owuld just be taxed at 30%.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Techno good points. Japan is a koureika shakai, an aging society. Aparently in many country areas there is a sever shortage of young people.
Terryw
Discover Home Loans
North Sydney
[email protected]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
AXJ
A friend of mine is investing in China, she purchase a postivly geared property in Shanghai city, and it has doubled in value within 2 years. It seems there are good deals there, but you have to be careful in certain areas which have already boomed.
I am currently in Thailand, and have just leased a studio unit, partially furnished for about $170 per month. Nice and new too!
Terryw
Discover Home Loans
North Sydney
[email protected]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 think there is a template in newer versions of excel – called something “Loan Amortisation”
Terryw
Discover Home Loans
North Sydney
[email protected]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 have done a similar loan once.
The son securred a loan against mum’s property, with the mum guarranteeing it. Both needed to seek independent legal advice from separate solicitors.
The rate was around 7.5% on a low doc basis. LVR probably max 60%.
Terryw
Discover Home Loans
North Sydney
[email protected]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
These can be a bit harder to find finance for. If they do not sign on for another term, it may be hard to rent out for other uses.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Thats a difficult question. There have been several taxation rulings early last year on this. I can give you the relevent details in a few weeks when I return to Sydney – currently in Thailand.
Also look at http://www.bantacs.com.au, I beleive there is an article on that site too,.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Originally posted by esaar:As you on a higher tax bracket you should look at changing the ratio of ownership it may cost you the stamp duty again but calculate your benefit on the long run if there is any, with your loan IO is usually the best option however there are ways of minimizing your liability without loosing the accessibility to your funds. If you like to discuss some option you can give me a call on 0438 985 708
Changing ownership may trigger CGT. However in some states it may be possible to avoid stamp duty (and CGT) when done between spouses.
Terryw
Discover Home Loans
North Sydney
[email protected]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 search at the land titles office should be able to tell you when and what they paid for it. This can be done over the web for about $9 in most states I beleive.
Terryw
Discover Home Loans
North Sydney
[email protected]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
When you apply for the loan you are supposed to declare if you will be using 50% or more of the funds for investment puposes. This determines whether or not the Consumer Credit Code applies. If it does, then you may have a few more rights.
This has nothing to do with the claiming of interest. Many people declare one thing and then change their minds soon after. From a taxation point of view it would not matter (check this with your accountant).
Terryw
Discover Home Loans
North Sydney
[email protected]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
http://www.bantacs.com.au is up around there somewhere.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Dazzling.
Just do it. If it doesn’t work can’t you always go back to what you are doing now?
Terryw
Discover Home Loans
North Sydney
[email protected]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 beleive that people currently not discharged from Bankruptcy cannot obtain loans. see http://www.itsa.gov.au for more info on Bankruptcy.
Once you are discharged (3yrs?) you can get a loan, but the rates will be very high due to the extra risk involved.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Charlie
Its easy. But, You have to sell it to your company = CGT, Stamp duty, and legal costs.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Another point. Height of a building is resticted based on how wide the road is. Some roads are very tight, so it is not possible to build over 2 stories.
I also read today that the average price of land has increase in Tokyo for the first time in 13 years. The increase was only small, at around 0.5%, but it is a start. ANd this may have a positive effect on people.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Originally posted by baloo:I wonder if you can get earthquake insurance on buildings, and if so, what the premiums are.
Hi Baloo
It seems most buildings are insurance against earthquake damage, and that the policy is taken out when the building is constructed. Approx $5000 was one figure someone quoted me.
Terryw
Discover Home Loans
North Sydney
[email protected]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 guess both parties would have to sign a contract of sale to sell.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Hi Dazzling
I have heard of that before, but do not know if it is myth or fact. I think these days prices are failry reasonable, so their is no need for that sort of loan anymore. a 35 year term is the maximum that I have seen mentioned.
Terryw
Discover Home Loans
North Sydney
[email protected]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
They only way to improve cash flow is to reduce expenses and/or to increase rents while making sure that you claim every tax deduction you are entitled to.
Having an IO loan does not reduce the balance as you will be paying interest only. This is still a good idea, especially if you have a non deductible debt as you would be wanting to pay that debt down faster.
Terryw
Discover Home Loans
North Sydney
[email protected]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
