Replies Created | Forums | Terryw | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 15,701 through 15,720 (of 16,319 total)

« 1 … 782 783 784 785 786 787 788 789 790 … 816 »

Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 21, 2003 - 6:10 am
i think you will find that the trust distributes profits. So any costs will be deducted from the gain and this profit will then be distributed to benenficiaries. The beneficiaries are then resposnible for paying any taxes.
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
November 20, 2003 - 2:47 am
I don’k know much about these sorts of things, but looked at somethings similar a few years ago. Don;t beeleive anything the agent tell you. Ring hte local council and talk to them about it.
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
November 20, 2003 - 2:41 am
C2 and be aware that these are Austrlain requirements, other countires have their own requirements, and I think Japan introduced something similar to Austrac 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
November 20, 2003 - 2:40 am
C2
I don’t know about the $50K/month one. maybe that is just a Lloyds bank policy. I think you could get into trouble is you try to do multiple transactions to avoid the FTRA reporting requirements whether cash or t/cs.
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
November 20, 2003 - 2:22 am
a few years ago, I remember reading that someone purchased a property for about $4000 and got the $7000 FHOG!
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
November 20, 2003 - 2:13 am
I too think it would be very hard. it would be hard just to buy one with such a low deposit. On a 95% loan you would still need about 10% of the cost as deposit (5% for costs). So you would have to purchase a property valued $100,000 or less.
The only way to keep borrowing is to come up with further deposits. Liek swampy said you can buy under value and then increase the loan, or:
– renovations to increase the equity,
– sell an option on the property to
– wrap it
– etc
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
November 19, 2003 - 2:20 pm
Just a bit on the reporting side of things. Every overseas transaction is reported automatically and is monitored by a govt department called Austrac (www.austrac.gov.au). In addition, the banks can also report suspicious trasnactions separately. Domestically, every transaction over $10,000 must be reported. So if you cash $10,000 worth of travellors cheques, the institution must get your id and fill in a report. Avoiding this by doing multiple small transactions is an offence (known as structuring) against the Financial Reporting Transactions Act. The penalty is up to 5 years imprisionment!
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
November 18, 2003 - 3:47 am
Kay
I agree with Simon, it is too hard to generalise as the borrowing capacity will vary depending on things like:
Your income
You current debts
no. of kids
credit card limits
car leases etc
rental income
etc
etc
And it differs between banks as well. Some load the interest rates others add a buffer to you total loans and most calculate PI even if you are applying for IO.
I have found Westpac to be one of the best lenders (at the moment) in terms of serviceability.
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
November 18, 2003 - 3:32 am
Hello Swampy,
I think flipping usually refers to ‘selling’ a property before you actually settle. You can always onsell a property at any stage. If you keep it for 12 months and one day or more you will get a discount on the CGT.
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
November 17, 2003 - 1:32 pm
Alf, what’s the stamp duty for? If you are refinancing you should be exempt from paying stamp duty on the loan again (unless you go over the original amount).
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
November 17, 2003 - 6:10 am
I have had a fixed rate loan for a while now, and the break costs were about $5000 6 months ago. This has now come down to about $300, good news.
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
November 17, 2003 - 5:59 am
too hard to sell company title.
I beleive company title is just like buying shares ina privately owned comany. each of the other shareholders may have a say on who they will accept for the new onwers.
I think about 70% would be the max LVR for these.
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
November 17, 2003 - 4:45 am
G
I think you must nominate someone within 14 days of settlement. please check with your solicitor. And I hope your property has grown in value. What was the settlement period? Is it Oasis?
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
November 15, 2003 - 9:40 am
Hi Chris
Are you sure about that? I thought legal fees were considered part of the purchase costs with stamp duty, and could only be claimed when the property was sold.
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
November 15, 2003 - 1:04 am
One more thing, each person can legally bring in $10,000 each time they enter the country without having to declare it.
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
November 15, 2003 - 1:01 am
What about leaving the money overseas and borrowing it. The interest may then be claimable in Australia in the borrowings were used for investment purposes.
There are various rules regarding these matters so get advice from an offshore specialist.
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
November 13, 2003 - 4:46 am
BJ
What about this one
http://www.hastingscapital.com.au
8.25%
or
http://www.eurofinance.com.au
8.75%
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
November 13, 2003 - 4:45 am
BJ
What about this one
http://www.hastingscapital.com.au
8.25%
or
http://www.eurofinance.com.au
8.75%
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
November 13, 2003 - 4:29 am
Bear,
this may not help, but I picked one up at one of those auctions for about $200. They are held every week up here in Sydney and advertise in the SMH.
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
November 13, 2003 - 4:28 am
Bear,
this may not help, but I picked one up at one of those auctions for about $200. They are held every week up here in Sydney and advertise in the SMH.
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