Recent content by MikeF

  1. MikeF

    Superannuation - Making extra payments

    Hi If the salary sacrifice portion is purely discretional (and is likely to be ongoing into the foreseeable future) and not required to support a particular super fund commitment then the answer is yes....most lenders will add this back as income if it can be stopped at anytime in the future...
  2. MikeF

    SMSF Electronic Service Address

    SMSF Electronic Message Service Hi If you have a Macquarie SMSF Cash Management Account you get access to their Electronic Service Address for FREE.
  3. MikeF

    Buying a home unit in an SMSF

    Hi Only when the rent covers repayment capacity by a country mile and member contributions are not required.
  4. MikeF

    SMSF Bare Trustee - using the accountant's corporate trustee?

    Bare Trusts Paul is spot as the legislation only states that the asset is “held on trust so that the Fund trustee acquires a beneficial interest in the original asset or the replacement”. My understanding of the "on trust" thing is that the person/entity (custodian) that holds an asset...
  5. MikeF

    Off-the-plan. No finance clause - URGENT help please

    The super fund has not contracted to do anything. The only thing it is risking is the amount of deposit paid. Remember the holding/bare trust entity is the entity signing the agreement and its just a $2 coy with no assets.
  6. MikeF

    Off-the-plan. No finance clause - URGENT help please

    My understanding is (I'm no lawyer)......So long as the SMSF used its own funds as the deposit (not borrowed) and the agreement/contract to purchase was in the name of the trustee of the holding/bare trust (this needs to be set up prior to entering into the agreement) all should be OK. When...
  7. MikeF

    Insurance for SMSF residential property

    Hi If its a strata title property your solicitor/conveyancer should be able to provide evidence of the body corporate policy covering the building.
  8. MikeF

    U bank home loan - any feedback to share

    If you don't mind going fixed Citibank yesterday came out with a 5.89% two year fixed rate.
  9. MikeF

    Warning - check your offset acc

    Hi A simple spreadsheet input from the loan statement should do the trick.
  10. MikeF

    Is Right Property Group a right property group to deal with?

    Hi Not sure about the instant equity bit as lenders will usually value at the lower of the actual purchase price or the valuation.
  11. MikeF

    Commercial property and SMSF

    Hi mg If there is going to be a Limited Recourse Borrowing Arrangement the name on the contract & transfer needs to be the security custodian entity's name not the SMSF.
  12. MikeF

    Property Investing in SMSF

    Hi Terry Sounds like a fixed rate at low 7.04%. I saw a mortgage manager lender new to the SMSF borrowing space one a month ago offering SMSF 3 yr fixed at 6.39% but guessing that this may have since changed. The dragon still has 1, 2 & 3 yr fixed rates for SMSF under 7% though.
  13. MikeF

    SMSF ( Self Managed Super Fund )

    Another reason NOT to do anything until you get all your structure in place is that the ATO may possibly see the deposit that you have paid (I'm assumming you will pay from own funds and then get back from the SMSF later) as a super contribution and therefore may take you over the annual super...
  14. MikeF

    Commercial property and SMSF

    The difference is #2 can not be legally done as a SMSF can not leverage an existing asset it already owns because under the LRBA the loan purpose must be soley for the acquisition of an asset.
  15. MikeF

    Commercial property and SMSF

    Hi I've had my understanding confirmed by a tax partner of a Sydney CBD based second tier chartered accounting firm. On the transfer of the property from the bare trust when the debt is repaid there is no stamp duty payable so long as the bare trust has been correctly prepared and stamped...
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