i saw my acountant last week about helping me set up a trust to start buying proprty in. He tried to talk me out of it. basiclly saying that all the insurances we pay would cover accidents etc etc
I always hear the more experienced investors say they consider them a must, so i figure its good enough for me too. when i told him this
He suggested a hybrid trust for its flexibility and quoted me about $2k
1. is this a suitable structure for a young investor starting out?
2. is the price reasonable?
3. if not, can anyone recommend an accountant or solicitor in Sydney that would advise me better and charge me fairly.
4. Is it true that you are inellible for land tax exemptions when you own prop. through a trust.
5. do you pay a lot of yearly fees or just a set up fee?thanks for help
RonOriginally posted by Ron Burgundy:He suggested a hybrid trust for its flexibility and quoted me about $2k
1. is this a suitable structure for a young investor starting out?Depends on what you ae doing. It has it’s good points and bad.
2. is the price reasonable?
If it includes a corporate trustee, that is a bit cheap. Ask what he charges for yearly fees. Some have small set uo fees with large yearly fees as a back end cost to make their money.
3. if not, can anyone recommend an accountant or solicitor in Sydney that would advise me better and charge me fairly.
E-mail me if you want.
4. Is it true that you are inellible for land tax exemptions when you own prop. through a trust.
Unit trusts are land tax exempt I believe but the rest you are stuck with the bill.
5. do you pay a lot of yearly fees or just a set up fee?
There will be a set up cost, but the yearly running costs will depent on the accountant you use and what is does.
Hope this helps
CATA
Asset Protection Specialist
[email protected]1) In most cases yes, it can be vital to get the structure right from the start to have tax advantages later and not to max out your borrowing capicity as an individual
2) Probably about standard, if you want to get out of it a bit cheaper at about $1400 for a company/trust structure I used http://www.espreon.com/ The extra $600 would be accounting fees advice etc. If you are not confident probably worth it
5) Yearly fees are ASIC about $220 and then accounting fees which really depends on how much work is involved. Expect at least $400 per year
hi Ron Burgundy
I use BH company formation bhshelf.com.au they are the cheapest I have found.
200 for a company and 900 for a trust or visa versa as I buy one of each pro project.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Originally posted by Ron Burgundy:i saw my acountant last week about helping me set up a trust to start buying proprty in. He tried to talk me out of it. basiclly saying that all the insurances we pay would cover accidents etc etc
He must’ve been thinking asset protection only…there are other benefits
I always hear the more experienced investors say they consider them a must, so i figure its good enough for me too. when i told him this
He suggested a hybrid trust for its flexibility and quoted me about $2k
Hybrid Trust..ask him to explain its structure
1. is this a suitable structure for a young investor starting out?
A hybrid Trust?
2. is the price reasonable?
If its what I’m thinking , with a pty ltd overhead as cata suggested then yes, if your accountant isn’t regularly doing them or doesnt undersatnd them then please donmt use him IMHO3. if not, can anyone recommend an accountant or solicitor in Sydney that would advise me better and charge me fairly.
Search the forums, find someone that “clicks” with you and you get along with..
4. Is it true that you are inellible for land tax exemptions when you own prop. through a trust.
Dunno..ask cata, coasty mike or Dale Gatherum Goss
5. do you pay a lot of yearly fees or just a set up fee?
See Catas response aboveNot an expert as with the above just my opinions
thanks for help
Ron“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
You must be logged in to reply to this topic. If you don't have an account, you can register here.
