Depreciation in a trust

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From: Michael Mudman


Following on from previous discussions on hybrid trusts, I was wondering how depreciation works if money is borrowed in my own name to buy units in a trust.

I understand the trust receives the rental income and pays all the expenses before distributing what's left to the unit holder. This is then offset against the interest on the loan, allowing you to still negative gear the property.

Is the depreciation report from the QS used in the personal tax return of the unit holder? I'm a bit unsure of how this works because the unit holder has borrowed the money to buy units in the trust - not to buy the actual property itself. Can a depreciation schedule still be used?
 
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Reply: 1
From: Dale Gatherum-Goss


Hi

No, the depreciation, and special building write off, will be claimed in the trusts ITR against the rental income.

This means that it is possible for the trust to still make a loss without the interest, or, for the profit to be quite small creating the benefit to the individual who borrowed the money.

Have fun

Dale
 
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Reply: 1.1
From: Michael Mudman


Thanks Dale, once again you have cleared things up for me.

Cheers!
Mick.
 
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Brisbane IP solicitor/conveyance

Reply: 2
From: Henry Ye


Hi All,

Can anyone recommend a good Conveyance/Solicitor to use for purchasing
property in Brisbane. I am located in Sydney, but I am looking to buy
IPs in Brisbane.

Thanks in advance!

Henry.
 
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Brisbane IP solicitor/conveyance

Reply: 2.1
From: Tibor Bode


Henry,

I have used Goodfellow and Scott Solicitors and Hynes and Company Solicitors. I was personally happy with both of them. Both of them locals to the area.

Tibor
 
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Brisbane IP solicitor/conveyance

Reply: 2.1.1
From: Andrew D


I am a Brisbane boy and have been using conveyancingworks.com.au. Flat fee and they are pretty good.
Hope this helps.
Enjoy
AD

Stumbling blocks are just stepping stones to the successful.
 
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Brisbane IP solicitor/conveyance

Reply: 2.1.1.1
From: Robert Forward


Hi Guys

I have used Tunns Lawyers quite a bit for conveyancing on purchases and sales of properties. Purchase costs are $450 for buying and $350 (from memory, I find out again next week what the cost is) for sale.

If you do use them on a regular basis the buy costs can be negotiated down to $400 plus searches etc. The good thing about them is though they have a conveyancing team, there is also a large solicitors firm behind them for any problems if they should occur.

There number is 07 3229 9722 and tell Cameron that I sent you there way.

Cheers,
Robert

Get your Property Inspection Reports @
http://www.CreativeFinance.com.au
 
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RE: Brisbane IP solicitor/conveyance

Reply: 2.1.1.2
From: Henry Ye


conveyancingworks sounds cheap... not sure if the quality is the same as
those solicitors that charge $450 to $600.

I guess I don't really know how to judge quality of conveyancors, they
all sound the same.

any comments?

Henry.

-----Original Message-----
From: propertyforum Listmanager
[mailto:listmanager@bne003w.webcentral.com.au]
Sent: Sunday, 21 July 2002 10:11 AM
Subject: Brisbane IP solicitor/conveyance


From: "A D" <deero@optusnet.com.au>

I am a Brisbane boy and have been using conveyancingworks.com.au. Flat
fee and they are pretty good.
Hope this helps.
Enjoy
AD

Stumbling blocks are just stepping stones to the successful.



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RE: Brisbane IP solicitor/conveyance

Reply: 2.1.1.2.1
From: Robert Forward


I've been using Tunns Lawyers in Brisbane for my last few buy and sells.

I've received very good service from them in every transaction that they have completed for me. The Buys were $450 inc gst (though mine are $400 as I've used them numerous times now) plus dispursments. The Sells are $350 inc gst.

Give them a call and speak with Cameron or Vanessa and mention my name, who knows they may just give you my prices. Their number is 07 3229 9722.

Cheers,
Robert

Get your Property Inspection Reports @
http://www.CreativeFinance.com.au
 
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