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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 11, 2004 - 1:42 am
I did something similar too. Did you know you get get the best of both worlds? ie rent out your PPOR, claim deductions and rent somewhere else(which would be cheaper) and still claim the PPOR CGT exemption for up to 6 years.
Terryw
Discover Home Loans
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
June 11, 2004 - 12:10 am
You would be required to apportion the interest between each property as per the loan on that individual property. But the end result would probably be the same if you averaged them out.
Terryw
Discover Home Loans
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 11, 2004 - 12:05 am
Many are like that. I suggest you just put your offer in writing and see what happens. You might as well send a copy to the vendor at the address so you know they will actually get your offer.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 10, 2004 - 6:43 am
I can understand Steve setting up his own broking arm, and am surprised that he didn’t do it earlier. It is his website so I don’t think we can complain about him advertising here – and it was just one post afterall. There are plenty of clients out there for brokers, so I don’t think we have anything to worry about really.
btw. I have made over 1600 posts here over many years and have only ‘found’ about 6 clients from this website.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 9, 2004 - 12:27 pm
Originally posted by xxx:
Originally posted by kp:
Hmmmm,
Great article…but how realistic is it to buy a property for $40k and have it increase 100% in 12 months, and then go back a buy two more at $40k each ?
It’s VERY unrealistic, especially now that you’ll be seeing a correction in these cheap country properties within the next 2 years.
It may not be very realistic to expect this sort of return now, but it really did happen to a lot of properties a few years ago.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 9, 2004 - 12:09 pm
I would recommend Stuart at Pro Solution Pty Ltd. http://www.prosolution.com.au/
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 9, 2004 - 12:06 pm
I agree with Advisor. why bother trying to save a few hundered dollars (if that) on something that is so important. I have used cheaper conveyancors in that past, they are good at processing transers etc, but a solicitor is trained to spot problems with contracts. Using a solicitor on a purchase last year actually saved my butt!
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 9, 2004 - 2:48 am
Orion
I would speak to your solicitor about this. You would probably want to get a proper document rather than one downloaded on the net.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 9, 2004 - 2:20 am
Rob
My understanding is CGT only applies to the period you rent out the property (unless you use the 6 year expemption).
eg. If you purchased for $100,000 lived there for 10 years and then moved out and started renting it when it was worth $250,000. You then sold it a year later for $300,000. I owuld say the taxable capital gain would only be based on the gain during the period it was rented out – ie based on $50,000.
So it would be a good idead to get a valuation at the time you moved out to demonstrate to the ATO how you arrived at the estimated value.
But this is only my udnerstanding, I cannot cite legislation on this and am not an accountant, so may be wrong.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 8, 2004 - 4:12 am
Trusts are cheap to maintain. You may need to pay account keeping fees, and accounting fees – but these would generally only be about $100 or so more than if you held the assets in your own name.
Companies have ASIC fees each year – about $250 from memory.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 8, 2004 - 2:51 am
In Sydney, I have heard of quotes from $8000 to $20,000 to demolish a house.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 7, 2004 - 4:45 am
Luke
I have booked in, but don’t really know if I want to spend a day there.????
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 7, 2004 - 4:05 am
Luke
unsecurred business loans are very hard to find. If you look at all the loans offered by banks etc, you will see they want to secure the loans on a property.
I beleive you can get loans on some larger franchises.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 7, 2004 - 3:58 am
Hi Matt
I am a mortgage broker, but have had no luck finding a lender willing to finance wraps.
Mortgage House in Liverpool claim to do it with full disclosure. There is also a company near newcastle somewhere caliming to do it (associated with Peter Solner).
Good luck.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 7, 2004 - 3:52 am
Uranehan, it may be a bit late to wrap if the clients have already signed contracts. They will either have to settle in their own names or have the contracts rescinded.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 7, 2004 - 3:48 am
You can only have one PPOR at one time. (Expect for a period of 6 months between proeprties when you can have two-allows moving time).
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 4, 2004 - 3:13 am
I agree. ATO classes a sale to occur when the contract goes unconditional, ie on exchange.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 4, 2004 - 3:08 am
Getting a valuation out of CBA is very hard. They even refuse to give the mortgage broker the figure that came in on the valuation.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 3, 2004 - 1:30 am
You can create you own trust at http://www.lawcentral.com.au for $275. But it might be better to get some advice first.
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 3, 2004 - 1:29 am
I think there are 4 lenders offering these loans including Bluestone, St George, CBA and another building society.
Terryw
Discover Home Loans
North Sydney
[email protected]
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