Canberra solicitors

[Matt Newbie]

Hey gang

I'm looking for a well priced solicitor in Canberra for our PPOR

any recommendations ?

I understand that there are no Conveyencers in the ACT .. does that mean that ACT ppl pay generally higher legal fees ?

 

[geoffw]

I've used Jan MacNutt of Jordan and MacNutt in Cooleman Court in Weston, and found her to be competent.

Fees seem to be standard- $600 to $700 plus disbursments- budget for $1K in total.

 

[Janvid]

I have used a few. They are all ok unless something goes wrong. Considering the risk and that you get the deduction in the ACT in any event, I would recommend someone who knows what they are doing. John Power Dibbs Barker Gosling 6201 7222

 

[Matt Newbie]

Thanks Janvid .. what do you mean by " in the ACT you get the deduction " ??

Is there something I'm missing ?

m

 

[Janvid]

As ACT is leasehold the cost of stamp duty and Solicitors fees are an expense which you can claim in the year of purchase. In other areas this is a capital cost and you do not receive an initial tax benefit as it simply is regarded as a capital cost.

This is my understanding.

 

[Matt Newbie]

aha .. we're buying this place as our PPOR .. so I assume this only applies with IP's

 

[geoffw]

That's right.

However some people choose to let out their PPOS for 12 months, claiming the stamp duty as a full deduction, before moving in.

(it may not be 12 months- perhaps it's sufficient just to move in immediately after the end of the tex year).

 

[Matt Newbie]

Ahh OK .. so if we wanted to be really tricky we could :

1. Buy the house in Jan ( thats the current settlement date )

2. rent it out for 6months

3. Claim stamp duty / legal

4. Move in and claim the 1st home buyers grant

any problems with this ?

Would we have to tell the bank ? ie. we've got a residential loan .. would we have to apply for an Investment loan instead ?

Can you suggest a good accountant in Canberra ?

 

[geoffw]

Uhhhh, not sure about the first home owners grant. That may me only for PPOR, which would make the stamp duty claim meaningless.

In this case, unless a non-ACT accountant can offer better advice, there's a couple I know of.

1. David Stephens of Bentleys MRI. Solid, conservative advice. I use them- but they have not been proactive in terms of advising about trusts (and to be fair, I have not been forward in letting them know my aims either)

2. Mario Amato. Prices seem to be good for super fund and trust stuff, and is recommended by Steve Navra's people.

3. Tony Commisso. Very aggressive tax strategies, which may suit some. I'm very conservative on tax matters.

 

[Bobq]

One suggestion with regard to both accountants and solicitors:

Interview them before hiring them. If you don't feel comfortable with them, you won't get the relationship you need to maxmise the benefits, regardless of their competence.

Bob