Recent content by alexlee

Have you talked to a lawyer to see if there are ways to finance the business without putting the properties at risk (except for the 400k)?

You can sign a binding nomination to pass super to your estate, and have a will that allows testamentary trusts.

Also, doesn't the UK have an inheritance tax?

Does the PPOR exemption apply to overseas property?

Even if a broker said 'I can get you a loan with a lower rate and more flexibility down the line when you want to refinance'? What does being 'happy' with ING mean? And what do you get by staying?

What tax instalments have you paid during the year?

Lay out the numbers and what you've done. What is your income, what have you got saved, and who have you talked to (an independent mortgage broker, your bank, etc)?

Neptune, you can claim 100% of the deductions because the IP is in your name. Where the IP is in the name of the trustee / trust, dodo CANNOT claim the interest deduction. If it's a loan to the trust, he might be able to claim interest but only if the trust pays him a commercial rate of interest.

Also, super doesn't automatically form part of your estate when you die. You need to make sure binding nominations are in place and your will is done properly.

What skills / resources / income / contacts does your plan need? You need to decide whether your mentor's plan fits your skill set, or what you need to learn. If you have little experience, maybe let your mentor lead the conversation. You may find that a lot of your questions don't...

It's already sus because the tenant is family. A more legit way would be 12 month lease, and at every renewal the rent is supported by ads of comparable properties for rent.

Would you rent it to someone you weren't related to on those terms?

My thought is that if the ato audits you, you're toast.

Do you think $400 per week for the next 30 years is reasonable rent? You need to talk to an accountant.

What sort of rent increase are you writing into the agreement?