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Should be taxable in the year you pay it out. And you hsould be able to bring forward any other borrowing expense that you were claiming over 5 years – if not already claimed.
Terryw
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Gazza
Sorry for going off on a tangent there!
It would be CGT, then I would seriously consider holding onto that property as all future CGs will be tax free. Just hold on and let it grow. What else can you buy these days where there is no tax?
Terryw
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I don’t know for sure, it depends on which state you are in. My NSW solicitor told me their is not stamp duty on the transfer of units in a unit trust, Dale also mentions it in his book, but i think it is a little more complex than just transfering units.
Terryw
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Yes you would have have pay her rent so she could negatively gear it.
Terryw
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Whatever.
Terryw
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Remember Rob that 2nd mortgages buy the vendor can be any LVR, even going over 100% if you can negoitate it.
Terryw
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Dear Belitted Rob
Maybe due to your lack of experience you have not heard the phrase used by lenders before? It is a common term, and has nothing to do with securitisation.
I will not belitte you anymore, you do that well yourself.
Terryw
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The trouble is the legal fees are ususally more than you save!
But if you use a unit trust to own property, under certain circumstances the units can be transfered and stamp duty avoided.
Terryw
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Lucifer
I think you can even avoid Stamp duty in some situations if you have a good structure.
Terryw
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Gatsby
I wouldn’t be too worried about putting properties into a trust at this stage. It would cost too much, and anyway, what are you worried about? Her damanging them? Maybe you could look at taking out a restraining order down the track. If she has keys to your house, then you probably should change the locks right away.
Hope it all goes well.
Terryw
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Discretionary trusts are the way to go.
Terryw
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On 2nd mortgages, please keep in mind that the first mortgagee must approve the 2nd mortgage. So you will have to tell the bank, if it is going ot be rejistered.
Terryw
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I had purchased PIA, used it a few times and then it just sat there. The other two list are management type programs, aren’t they? I have used a few, including the Otter one which is good and its free:
http://www.otter-software.com.au/Software/PropertyTracker.htmlBut in the end, i just use excel mainly.
Terryw
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Rob
Your lack of commonsense amazes me (again). Secuity = Collateral, you even wrote it yourself!
Terryw
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Can you explain why you were forced to sell cheaply? And did you take any action against the agent that did this to you?
Is there any reason to sell, other than to reduce your mortgage which you appear to be managing? From what you wrote, I don’t like the idea of selling too much. It is your dream property and has grown a fair bit while you have been there = perfect. To sell now, may mean accepting a reduced price.
Terryw
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There’s not much you can do. Did they sign a lease or some sort of agreement? If so, you maybe able to take legal action and then send details to the debt collectors. The debt collectors will want probably 20% and they also will need addresses. They cannot just look up car regos (how do you even know it was their car), police can’t even look up regos for a matter like this. So they will need to spend money on locating them, and will hit you for this.
There is not much use complain to the Chinese embassy (do you even know if they are Mainland Chinese Nationals) etc either, what can they do?
Put it down to experience, and move on.
Terryw
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What if they are reading this forum?
I think it depends on how much the property is in demand, you could start reducing your offer to $184,000 and see what they say.
Terryw
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I also heard that one investigator spent one day spying on a porter at the hotel across the street from the ATO office in Sydney. He then made an estimate of how many tips the guy received.
Terryw
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Sounds like rents could be increased over there!
Terryw
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You know why that cars are exempt?
Because they go down in value, which would mean everyone would have Capital Losses!
Terryw
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