Recent content by dodo_lurker

Hello forum, I have a development near completion - 2 townhouses out the back of an existing house. It will be subdivided at the end but I will be retaining all the properties. Do I need to set up an Owner's Corp seeing as I own all the properties? I'm in Victoria. Cheers!

Hi everyone, I have an old large metal garage that will need to be demolished to clear the land for a development I'm undertaking. I was simply going to throw it out, but then I wondered if there was any way to make some cash out of it. Is it legal to advertise it for sale, subject to...

Hi, Sorry maybe I'm thinking about this the wrong way, but say this is the scenario: I loan the Trust $100K with an agreement that the Trust will repay IO at 5%. (i understand that these interest repayments are income to me) This goes on until the property is sold, and the Trust repays...

When the Trust repays the loan, is this considered income from the Trust?

OK, so say the Trust sells the IP that the money was loaned by myself for. When the Trust pays me back from the sale money, is that money considered income? Or as it's the repayment of a loan, is it not classed as income?

Does the Trust actually have to physically pay back interest every year, or is it all a paper exercise? Ie: say John lends ABC $50K @5%, does $2500 actually need to flow into John's account? How is this done ABC makes a loss each year? Wouldn't John just net off his interest paid with...

Thanks for all the replies. Could someone clarify something further for me: John Smith borrows $50K from ANZ at 5% - $2.5K interest PA He lends this to his trust ABC Pty Ltd also at 5% - $2.5K interest PA Can both John and ABC Pty Ltd claim a deduction? Or only ABC Pty Ltd?

Great, thanks - that was my point of confusion!

Hi, I have an IP in my name which I have obtained an additional seperate loan against in order to fund the deposit for IP2, which has been bought through my Family Trust. Where do I claim the interest for this deposit ? in my own tax return (as the loan is in my name) or in the Trust tax...

Hi, I have an IP in my name which I have obtained an additional seperate loan against in order to fund the deposit for IP2, which has been bought through my Family Trust. Where do I claim the interest for this deposit - in my own tax return (as the loan is in my name) or in the Trust tax...

Hi, Just a quick question relating to a subdivision in Melbourne. There's going to be 3 dwellings on the subdivided block, so we'll need a body corp. However, someone said to me I should look to remove them all from the body corporate and have them as their own stand alone dwellings as...

Just wondering if the forum could advise. Have just bought an IP, settling in 2 weeks. We're having our first open for Tenants this weekend. Just drove around to have a look and the place is overgrown - going to need some major gardening before the weekend to get it in shape. Now - is this...

Thanks guys, seem like sensible suggestions. I'll look into it. Do you think simply subdividing will add that much value though? I thought you usually built before you subdivided?

Hi all, Wanted to get some forum thoughts on my plans and how I might accelerate them. I've purchased an existing house on a large block of land. I plan to subdivide and build 2 units out the back. Approvals shouldn't be a problem, however I'm trying to work out the best and quickest way...

Hello, I'm in Vic. I've been to a few auctions recently for a bit of a look, during which the REA will mention that if there are no successful bids, whoever has made the highest bid will have first rights to negotiation. However, usually no one bids and the property passes in...