I would suggest you pay them yourself and collect the money from you wrappee. I found out the hard way that they often just ignore bills like these.

Terryw
Discover Home Loans
North Sydney
[email protected]

Peter

You can become a financial planner by getting a diploma in Financial Planning (this can take as little as 8 days).

Accounting is usally a 3 year course (eg. TAFE), followed by working under someone for another 12 months or so. This is to become a registered tax agent. You can also do a conversion course if you are a uni graduate and get accounting qualifications in 18 months.

Terryw
Discover Home Loans
North Sydney
[email protected]

It is unlikely that the company that listed the default will remove it. But the bank you are approaching for a loan may consider the circumstances. What they look for is
-the amount
-how soon it was paid
-the reason
-how long since it appeared.

it is worht a try anyway.

Terryw
Discover Home Loans
North Sydney
[email protected]

Hi

I am still not convinced that carparks would be a good investment.

Points against:
– cannot add value,
– they are all the same with nothing to distinguish from other spaces
-are locked into a rental contract
– hard to finance
– low rental yield
– legislation changes (eg. a state govt levy could be imposed on all car park owners)
-hard to sell

Points for:
– stable income (??)
– possible growth
etc??
It may be better than putting your money in the bank if there is capital growth. I don’t know what this would be like, but 10 to 20% sounds high.

BTW, have you considered putting your money with places like Eurofinance – they were offering 9% interest a while ago, secured by 1st mortgage. Or even shares would compare favourable to car parks 3 to 4% yield and then capital growth on top.

Terryw
Discover Home Loans
North Sydney
[email protected]

Wrap attack

The other shareholders would only have to pay stamp duty if they transferred their shares.

Regarding changing bankruptcy laws, they are looking at getting back gifts made if a benefit was obtained by giving the gift. One lawyer has suggested poeple should not sleep with their spouses as the wedding ring may have to be given back if the other half goes bankrupt.

Terryw
Discover Home Loans
North Sydney
[email protected]

Wrap Attack

I didn’t see a company mentioned in the initial post.

Are you sure that stamp duty can be avoided by just transferring the shares in the company? My understanding is, if the company holds property, then stamp duty must be paid on the value of the property.

Terryw
Discover Home Loans
North Sydney
[email protected]

I agree that it shouldn’t be a problem. In fact, most lenders will ask to see your Pty Ltd’s tax return when they find out you ‘own’ a company.

Terryw
Discover Home Loans
North Sydney
[email protected]

For more info on the ATO’s position regarding renting from a unit trust, have a look at this tax ruling:
TR 2002/18
Income tax: home loan unit trust arrangement
http://law.ato.gov.au/pdf/tr02-018.pdf

Terryw
Discover Home Loans
North Sydney
[email protected]

I’ve had two of my loans rejected soley on the basis of the number of enquiries on my CRAA. However, they were both approved after explaining them to the mortgage insurer. You should try to keep the number of enquries to a minimum where possible, but they are not such a bad thing.

Terryw
Discover Home Loans
North Sydney
[email protected]

GE are a non conforming lender with a 90% loan, no LMI. The last time I looked, the interest rate was over 10% pa. You will have problems getting over 80% I think.

Terryw
Discover Home Loans
North Sydney
[email protected]