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  • Profile photo of calvin_thirty4calvin_thirty4
    Participant
    @calvin_thirty4
    Join Date: 2004
    Post Count: 556
    January 5, 2005 - 9:22 am

    Hi there,

    my father is the Trustee of an investment trust that owns a property (sorry, I don’t know if it is discretionary or otherwise). It is time for the IP to be refinanced and I want to know if he would be able to get a basic savings account (offset to the mortgage) so that he can avoid the GDT?

    We have automatic debits set up to pay the two loans on the IP (hence the refinance), but the account that we have to receive the rent is being debited GDT every month. I believe it has something to do with the account being ‘nominated’ as a Checking account. Is that true, because once we refinance I’d like to change the account type to be saving account (with internet banking) – he doesn’t use chqs anyway!

    Cheers

    C@34

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493
    January 5, 2005 - 10:12 am

    I thought Debits tax was abolished??? I have not been charged this on my cheque acounts for a while.

    Robert Bou-Hamdan
    Mortgage Adviser

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    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 5, 2005 - 11:25 am

    Robert maybe in NSW don’t move up to sunny Qld

    Cheers Richard
    richard at fhog.com.au
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    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493
    January 5, 2005 - 11:38 am

    So what would happen if you went and opened your account in Tweed?

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of calvin_thirty4calvin_thirty4
    Participant
    @calvin_thirty4
    Join Date: 2004
    Post Count: 556
    January 6, 2005 - 2:15 am

    I thought the same! As in that the GDT was abolished, we are still receiving it though, hence the post.

    Anybody from WA that would know for sure?

    Cheers

    C@34

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 10, 2005 - 7:47 am

    Wouldn’t all savings accounts, including offsets, have GDT (if applicable in your state)?

    Terryw
    Discover Home Loans
    Mortgage Broker
    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

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