Thanks for clearing this up.
It is a Company and it is trustee for my family trust.
I will tend to go down the path of giving myself an allowance, in order to spend a couple of weeks doing up repairs to the property.
Cheers,
Qlds007 wrote:Yes and charge you and arm and leg for that advice.You have been to C&N for this advice??
Yes IZ i have had a few clients go them and then show me their Accounts for something we do at less than half the price.
Richard Taylor | Australia's leading private lender
I know the guys at C&N very well, and they are great at what they do. However, if you're after something basic, like a SMSF, you can get the same things are lower rates elsewhere.
They're great at some of the more complex trust issues, however keep in mind that if you can find someone else with the same IP, they'll probably do it for less.
You can just google SMSF setup, and you'll get 100+ sites with prices to compare off the bat!
FS
Hi Sue,
Don't know if you are still looking at this, but seems to me that there are 2 issues here.1. Buying an investment property to help secure your future. Probably your best option here is to set up a self managed super fund, and use it to purchase property. Only deposit would be paid from smsf, and the rest borrowed. This should give you the best tax advantages, depending on your individual circumstances of course. Downside is that you could not rent to a relative.
2. Provide a home for your daughter. If daughter cannot afford to buy, it is likely that she cannot afford to pay you a reasonable commercial rent for the property, not good for your investment. Have you looked at all options for her. Most young people who are renting could afford the mortgage on a modest home, but can't put together a deposit and the dreaded fees. Perhaps you could help with this to get her on the property ladder.
Whatever you decide to do about the investment, get good profesional advice before doing anything, you will have to pay for it, but it's always worth it, and a legitimate expense. Instead of taking recommendations from posters on this site, many of whom have a vested interest, I suggest you talk to family and friends, and take their advice on a good financial advisor.
In the meantime, if you would like some basic information on self managed super funds, and buying property through them, I have a 10 minute power point persentation, in plain English, that you may find of interest.
I am regularly out and about in Perth, and would be pleased to call in and show you it. No obligation and NO CHARGE.Mick Tock – Refund Home Loans Morangup
email [email protected]
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