Your accountant’s fees sound reasonable

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Yes you will be require to declare your worldwide income to the ATO. But due to the double tax agreements, you should not have to pay tax twice, and will therefore get a rebate for tax paid overseas. It will be a pain in the butt trying to work out how to fill in the tax return etc.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

I think you shouldn’t have too much trouble, same employer etc.

I’ve put someone through ANZ like this and was OK.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Cath

if that is the case, maybe your father could buy the property in his name and you have a separate agreement concerning costs etc.

If you go on title, then your income and situation will have to be taken into account by the lender. It still may be possible however.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Good trust deeds can be setup for about $257 at http://www.lawcentral.com.au

The solicitor there is Brett Davies who is doing his Ph.D. in asset protection.

But if you want some advice etc, it may be better to get an accountant/lawyer to set one up for you. To do this it usually costs $1000 at least for the trust and then another $1000 or so for the company. Plus stamp duty, and fees for ABN etc

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Hi Reggie

I don’t know much about this area, but think if properly setup superfunds can lend money for property purchase. there are various rules that prevent the fund lending money to relatives, etc of the trustees etc.

Flipping properties in a superfund shouldn’t be a problem, superfunds only pay 10% CGT. But they may be just classed as trading stock, and income tax would be payable. Not sure of the rates for a superfund.

And I don’t think becoming a licenced financiaa advisor would be necessary to borrow funds from the superfund. (Don’t think it takes 3 years to become one either).

There is some stuff about super etc and property on this website:
http://www.chrisbatten.com.au

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Yes I agree with Monopoly.I was reading the Taxpayers guide last night, and they claim that money from boarders is not counted as income for tax purposes. Therefore I would say that your property would only be classed as an IP from the date you rented it out. You then have 6 years from this date where you can still claim it as your main residence if you have not other property that you are also claiming as your main residence.

If you move back into your property at any stage, the 6 years will start again if you move out again.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

You could do that, but the interest would not be deductible. The ATO looks at the purpose of hte funds, in this case it would be to pay non deductible debt.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

As an aside, I have seen at least two clients who have hybrid trusts with the loan in the trustee’s name – a company. It appears that not everyone that has one understands how the work and how they should be used.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Greg

yes very good point. You must get a good trust deed or they can be worthless.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]