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You could not get regular finance while unemployed! If you held an ABN number, thus making yourself self employed, it would be a different story.
Terryw
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Sounds like a good plan.
Since you are both eligible for the FHOG, you may wish to consider buying one property in one name initially. This will enable you to get a another in your partners name later on with the grant – assuming you are not a defacto couple!
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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A trustee usually will give personal guarrantees, so if properties drop in value and the lender forcloses, then the trustee will personally be liable.
Terryw
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Mortgage Broker
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
If buying online, I would stick to one of the HDT experts such as http://www.chrisbatten.com.au and … another whose name I forget!
Terryw
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Mortgage Broker
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 he could negative gear his share of the house. best to talk to an accountant.
Terryw
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Mortgage Broker
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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
Island. If you can keep coming up with deposits, then you can keep getting loans. The further you go, the larger the deposit needed will be, and the higher the rate. eg. 7.75% for about 70% LVR.
If your properties are located in country areas it will be much harder to borrow like this.
Terryw
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Mortgage Broker
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
Surrey
Another option could be to sell to your trust. Of course the purpose of doing this would be mainly for asset protection, not tax reasons. These are only a side effect.
If you are going to do something like this, check with your accountant.
Terryw
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Mortgage Broker
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
There’s not much asutralia stuff around, have a look at
http://www.aiex.com.au/
IMPORT PROCEDURES MANUAL
Author : John Brooks (AIEx)
Price : AUD77.00 (RRP only)
(Postage/Packing) : included in above price (within Australia)
GST : included in above price
Description : An excellent text to improve your understanding of importing. This comprehensive publication focuses on the process and procedures of importing. Key chapter headings include Import Documentation, Physical Distribution, Inventory Management, Import Finance and Costing for Imports. The author is an experienced international trade professional and has consulted to Australian and International Governments as well worked within the private sector. This easy to use manual comes in a handy folder format.and
http://www.import-export.com.au/
Terryw
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Mortgage Broker
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
yes. The period you didn’t live in it would attract CGT.
Terryw
Discover Home Loans
Mortgage Broker
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.lawcentral.com.au
http://www.cleardocs.com.auetc
I personally use lawcentral. costs about $257,
Terryw
Discover Home Loans
Mortgage Broker
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
If he had no income, he could carry forward losses until he starts making an income in the future. It would not be much use to him/her for a long time (unless he started earning a salary). But if some of his relatives had a discretionary trust setup, he could be an ideal beneificary – especially if he has accumulated a few years of losses.
Terryw
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Mortgage Broker
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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 agree with the others, but it still could be a good idea to do if your other debts have larger interest rates.
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
CPI (consumer price index) is a measure of inflation. It is determined by the prices of various commodities – not sure exactly is excluded, but most things are included. The CPI figures come out each quarter. You would want your property or shares to grow by at least the CPI or you will be going backwards.
Terryw
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Mortgage Broker
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
What about comparing “cashflow vs capital growth” strategies.
Terryw
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Mortgage Broker
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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
Depending on the business, maybe neither.
If it is a general trading business, probably a company – for the limited liability factor.
If it is proerty, look at a trust, possible a unit trust and/or a discretionary trust. You may also need a company as trustee.
Terryw
Discover Home Loans
Mortgage Broker
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
Be careful of buying low cost country properties.
Terryw
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Mortgage Broker
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
What about just gettting a loan securred on one or more of your properties and then use this for your business setup. Interest would be deductible, and you could keep your properties and save on selling fees, CGT etc.
ps. you should not have property owned by a trading entity as it will be at risk if the business goes down.
Terryw
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Mortgage Broker
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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
hi Richard
Yes, Trust Magic is good isn’t it!
An accountant can set up your trust, but they will be simply buying one over the internet. You could do this yourself as well.
I don’t know about the costs. I have heard accountants say you can claim the costs, but I always thought the cost of estalishing a trust was a blackhole type expense.
Terryw
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Mortgage Broker
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
Yes, they could be at risk. Having one house per trust would be a good idea, but it would greatly increase costs etc. I suppose it depends on how expensive your houses are.
Terryw
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Mortgage Broker
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
Yes, having held an ABN for 2 years or more will help greatly in obtaining a low doc loan.
Terryw
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Mortgage Broker
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
