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Terryw
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@terryw
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Post Count: 16,213
February 28, 2005 - 4:51 am
I almost forgot, Steven (Mobile Mortgage) from this site is also in Melbourne – I think.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 25, 2005 - 6:23 am
http://www.prosolution.com.au/
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 25, 2005 - 6:22 am
Try lawyer, Lewis O’brien in Victoria. I think his website is http://www.lawyer4nix.com.au
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 25, 2005 - 6:19 am
Yes, good points.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 25, 2005 - 5:42 am
I think Derivex was offering 95% for commerical???
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 25, 2005 - 5:39 am
Try Stuart from these forum.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 24, 2005 - 2:15 pm
You should probably get a second opinion. Most accountants know little about trusts.
Firstly having two directors of a company these days is not a good idea. Directors can go down with the company, so it is best to have one, just in case… No use both of you going bankrupt if sued.
Having one director will also mean having only one of you guarrantee the loans – another risk reducing strategy. It will also help you borrowing capacity later on. You don’t earn much ATM (assuming you only work one day) so it may not help much with servicing now.
So two directors is not good.
Having a discretionary trust will also not enable your husband to reduce his personal tax as per Woodsman’s post above.
You may be able to keep the losses to offset n the future, but that could be years away.
Talk to a different advisor!
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 24, 2005 - 2:08 pm
One thing I can think of is Land Tax. Trusts usually don’t get any tax free thresholds.
Terryw
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North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 24, 2005 - 2:02 pm
check out http://www.chrisbatten.com.au for some more stuff on SMSFs and buying property.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 24, 2005 - 2:00 pm
You should probably keep working full time as long as possible. Cutting back work is good for finding deals, but bad if it reduces your income for serviceability.
Also get an ABN now. Once you have been self empoyed for 2 yrs or more, you will qualify for cheap low doc loans.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 24, 2005 - 5:09 am
I’ve used them to set up two trusts myself.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 24, 2005 - 4:51 am
Ggumpshots
If you are talking about Australian law, this forum may help:
http://www.freelaw.com.au/yabbse/index.php
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 24, 2005 - 4:46 am
There are many different low doc lenders out there. Some will lend for any suburb in Australia – as long as it has a postcode. Others, mainly the mortgage insured ones, can only lend for certain postcodes.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 24, 2005 - 4:41 am
ANZ have just announced they are putting up their fixed rates next week (28th Feb).
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 24, 2005 - 4:16 am
Andy
Most loans just rollover into PI loans at the end of the IO term. No new credit checks are usually done, unless if you want to increase the loan amount.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 23, 2005 - 12:50 am
I don’t really see the point in investing in NZ or usa etc if you are going to buy just one or two properties. The accounting fees, bank fees etc are going to eat away most of the profit. And then there are the hassles of not living there, added telephone bills, travel expenses etc.
If investing overseas and you are a resident here, you will have to pay tax on your overseas investments here. ATO assesses you on your worldwide income. You will probably have to pay tax there too, if you do, and there is a tax agreement with Aust, then you will not have to pay double tax, and will get a credit for tax paid there.
You can’t use equity in property here to invest overseas, but must set up some sort of redraw or LOC, and then take the cash out and send over there. If you are getting postive cashflow over there, it would be better to just let it accumulate for a while as there would be fees to send it back here and to convert it.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 23, 2005 - 12:42 am
Yes, you should be able to claim for those things and more. In fact, you may be able to back claim for the last 4 years.
Terryw
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North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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Post Count: 16,213
February 23, 2005 - 12:40 am
Originally posted by Kiwi-Fulla:
Is it a possibility for you to live in a rented house and rent out your PPOR so that it can be +CF and interest is tax deductible
This is not possible as if the money trail is followed (by tax department) the original intention for the loan to purchase the house for a PPOR thus no claim or deduction can be made against the loan.
However in saying that you could always check for yourself to see if this is true and fair…. a quick anomonous call to the tax department will set you right on the rulings on this one.
Looking for Positive cashflow solutions?
Look no further
Wraps-Lease Options & JV’s
http://www.kiwilogic.biz
We are investing in NZ so if you are looking for + cashflow properties…contact: [email protected] to join our database.
I too believe this not to be the case. If you move out of your PPOR and rent it, the interest on the loan will be tax deductible. The purpose of the loan was to buy a property, when the use changes from personal to business, then claiming the interest would be OK.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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Post Count: 16,213
February 22, 2005 - 1:35 pm
I haven’t seen his stuff, but really what secrets could he have in his material that is not out here/there?
I’m not saying it is bad or not worth it, it may be worth it just for having all the info in the one place that would be easy to read – unlike on a computer screen.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 22, 2005 - 1:31 pm
Tony
You need to put down the name of the lender and the amount. If not, then they could offer you finance with another lender at say 20%, and you may no longer be able to back out.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au