could someone please explain to me the advantages /disadvantages of buying real estate in a company name and using unit and family trusts.Especially in relation to land tax,CGT and liability if someone sues you.Can you negative gear and offset the loss against personal income? all advice most welcome. thankyou
I recommend you get Dale Gatherum-Goss’ book called Tax Magic – it’s about $99 but explains Trust in such a simple & easy way.
Hope this helps
Regards
Claude
Hi Warrenwilliam
Another resourse is Steve’s Wealth Guardian it is agreat resourse and simplifies a very complex issue. Ultimately you will need to see a good accountant that has experiance in property.
It probably is too wide a question to cover in the forum but if you search the forums you should find some information.
Mark
Is this taking us CLOSER to our goal?
I don’t think there is any advantage of either with regards to Land Tax now.
Have a look at http://www.lawcentral.com.au, they have a good newsletter which recently went thru the differences between the two.
There is not much difference, they are similar, but maybe limited liability is a factor. If sued, the shares/units may be up for grabs either way you go.
One difference is ASIC regulates companies, trusts aren’t regulated. SO running a company is governed by various rules. Another thing is privacy, with a company your address, date of birth, country of birth, percentage shareholding etc is public information. No one sees who owns the units in the trust or their details
If you cannot get a hold of that newsletter, I may still have a copy saved.
Terryw
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thanks everyone you have given me a number of avenues to research. take care[cowboy2]
Originally posted by gctaeger:I recommend you get Dale Gatherum-Goss’ book called Tax Magic – it’s about $99 but explains Trust in such a simple & easy way.
Hope this helps
Regards
Claude
Trust Magic is the book from Dale Gatherumgoss, Tax Battles is the other publication.
you can get it direct from Dale or take a look at the back of API.
Dales Wealth Sabotage is also worth a peek
Ed Burtons book “Bulletproof asset protection ” is also a great read (speak to Cata)
“How to legally reduce your tax” is also worth the read IMHO
Rentons book on Trusts is worth looking at but very “dry”
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