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Yes that is very strange.
We use bankwest a fair bit and have not encountered many problems – except they can be slow at times.Terryw
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ATO Interpretative Decisions on installment contract sales (wraps):
ATO «ID» 2004/25
ATO «ID» 2004/26
ATO «ID» 2004/27
ATO «ID» 2004/28
ATO «ID 2004/29Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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I am not an accountant either, but think Pete is correct. You can only claim one property as your main residence. You can rent it for up to 6 years and pay no CGT if sold during this time. If you move in and out again, the 6 years restarts. There is no need to move in again before selling.
If you renovate etc, this can be claimed (depreciation) while renting it out. not while living in it. If you don’t have a loan on the property and rent it out, you would probably have to pay tax on the rental income, but this could be offset by depreciation and other expenses.
You possibly could claim your other house as main residence, but you would lose the exemption on your Wentworthfalls property. It may be wise to chose the one that had gone up the most?????
Terryw
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[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
Good stuff Paul. Thanks
Terryw
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[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
Don’t forget to add the various language packs available from Microsoft. Many people need to read and write in other languages – Japanese, chinese etc and cannot do this on a computer without the packs installed.
Terryw
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[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 purchased one of those programs years ago. I changed computers a few times and have lost the ‘key’ so can’t use it anymore. Of those statements that I did check, I never found any errors.
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Heritage?
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
In some states I beleive you can only get exemption from stamp duty if you are separating and have an order from the Family Law Court. I don’t know about QLD.
The lender will want to see an income to service the loan. If the wife cannot provide this, you may have to go on as a co-borrower. Most seem to allow this.
This sounds like a really good plan, and could save you some big $$$$ in future. Good luck with it.
Terryw
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[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
try Lewis O’Brien. http://www.lawyer4nix.com i think.
Terryw
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[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
Originally posted by JustAllan:To those who have more experience than I… Is it difficult to get a loan for a commercial property, if the LVR is around 86-90% (once all the extra fees like building inspection, conveyancing, etc.) are added on?
Allan.
Very difficult without additional security.
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Interesting. I have been accredited with a company offering Islamic loans in Australia for a while now and have approached various Muslim friends and none seemed to have a problem with paying interest, hence I haven’t written one loan for that product.
Terryw
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[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
I have looked at Aussie banks in Japan like the NAB. They will lend in Yen for property in Australia at about 70% lvr. rates around 2%. But if currency moves, you may be required to pay the loan down to keep the LVR less then 70%. They also wanted you to be working in Japan and earning in Yen. If you were ever to leave, they could call in the loan.
Terryw
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[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
An easy way to work it out is to add up the security values and x 80%, then minus your current loans.
240,000 x 80% = $192,000 – 80,000 = $112,000 borrowable without paying LMI.
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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You would take off all discounts etc first and then add the assessible gain to your other income. If this was $50,000 and you had a $1000 income from employment, you new taxable income for the year would be $51,000. You would then have to pay tax on this $50,000 just the same as if it was from wages.
Terryw
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Not sure, but you would be selling the option anyway. The option holder would then take up the option to purchase.
Terryw
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[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
It would probably be helpful if you spend a while in the industry. You would get to see how it all works.
You wouldn’t be saving on agents fee – unless you were selling your own properties.
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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But, by having an option over a property, you will have an equitable interest in the property, and can therefore sell it yourself.
Terryw
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[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
Hi Steve
The ability for attachments would be good. eg excel spreadsheets.
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Asdf
That link was to the draft ruling. The full ruling is
TR 2002/18 Income tax: home loan unit trust arrangement
http://law.ato.gov.au/pdf/tr02-018.pdf.Maybe one way to get around things is to distance yourself a bit futher from your trust’s property. eg, could a friend or relative rent the property from your trust and allow you to live there?
Terryw
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[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 thought the population had been increasing over recent years and would be likely to do so. Declining birth rates would be supplemented with people immigrating to Australia.
I also don’t know what he means by property grows at an average of 3% unless it grows at a higher rate. If you buy in areas with limited supply, you should be buying an asset that will grow. Watch out for units, as these can be in oversupply at times – as many people have seen in recent times in Sydney.
Terryw
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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
