Thanks mate, appreciate the post.
You've seen this work quite well in the real world I imagine?
Something I am now seriously considering.
How open are banks to 'friends' or must it be immediate family?
Cheers,
Bern
So say I convince family / friend to do the equity deal.
How does it work in the real world?
I get the $75K for the deposit from them by them putting a charge of $75k over their property.
I have circa $15K in funds lying around which I would have used as a deposit.
Do I pay this...
This may be a possibility rolf.
How much equity would they have to forego on a purchase of $450k brand new considering I'm entitlted to FHOG of $15k in NSW on a new build and a stamp duty concession?
How do I then repay the person? Have you seen these arrangements work in the real world...
Cheers for the replies gents.
As I figured not enough saved.
By August there should be $30k+ saved so will revisit.
I remember pre gfc how easy it was to get a loan. Was approved for a $380k new build with st George.
Then Lehmann bros happened and st george pulled the product...
Hi guys,
I've been lurking on this forum for years.
About time I actually tried to buy a property. I respect the brokers and advice on here so thought I'd ask.
My partner and I are first home buyers.
I am 31 and an accountant.
Base salary of $120k + $30k distribution so say $150k...
And you raise a valid question rowena, mike.
Will this legislation have grouping provisions?
I imagine this legislation will group all superfunds together, but am not yet clear on that point.
Otherwise members can simply setup additional superfunds and flip money around to suit their...
There is no doubt fees do vary.
The accounting fees themselves are largely transaction based.
The more transactions and the complexities of the transactions the more you pay. If you have funds sitting within a managed fund in a SMSF that get reinvested during the year, expect to pay for...
Have a read of this mate:
http://www.osr.nsw.gov.au/lib/doc/factsheets/ofs_lt12.pdf
Essentially you are most likely referring to a family trust which OSR NSW classifies as a "special trust" - this trust does not receive the threshold.
I quote directly from FAQ of OSR NSW:
"The land...
If you are savvy enough I recommend Lawcentral:
www.lawcentral.com.au
We obtain plenty of documents for clients from this site of which I am in no way affiliated.
Creates all the docs for you and charges $275 for the trust ($129 if you are a platinum member - pay an annual fee type...
If it really concerns you request a copy of the WIP. That would let him know you mean business and are on top of things and genuinely want to see what he did to earn the coin. Did you receive an engagement letter before commencement outlining hourly charge rates that he provides and how he...
You are one of the few who abides by the rules.
I refer to those who do not abide by the Division 7A loan agreement rules and simply ignore lodgement of their company returns for a number of years whilst lodging individual returns.
You'd be suprised how many do it.
There is a shocking loophole at present that has been going on for some time involving family tax benefit. It involves small business owners (mum and dad owners) living off their company or trust money. Instead of taking wages like normal people do, they take the money as a loan from the company...
It is a good strategy for those closer to retirement due to the current tax concessions on sale of a property when you have commenced pension phase.
The proceeds of sale for a property in a SMSF may be exempt from capital gains tax depending on your circumstances. Again this could change...
You may be able to claim a deduction of the setup over five years under the Section 40-880 Blackhole provisions.
http://law.ato.gov.au/atolaw/view.htm?docid=SAV/00096847/00024
See the example.
Cheers
Bern