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Hi Jason,
I have been investing in Detroit since late last year and have purchased 5 properties in a LLC.
With tax time coming soon (I elected to do a 30 June balance date) I am looking for an accountant to do my tax returns.
Is there anyone you can recommend? If not, I will start googling.
Cheers
Hi Mark,
A trust is definitely the way to go but it is important that the trust deed be worded in a specific way so that the assets held within the trust are exclusively for the benefit of the family tree line.
Some people refer to this type of trust as a "bloodline trust" as it keeps the assets within the bloodline of the family.
Based on my experience with clients, divorces can get very nasty and this should definitely be something you should look into.
Effectively the "bloodline" trust is in many ways similar to a normal discretionery trust but it does contain a few extra clauses which ensures that the assets will always be controlled by members of your immediate family.
A good lawyer is essential in setting this up (as apposed to an accountant) as a trust deed is essentially a legal document which requires their expert guidance.
Depending on where you are based I could recommend a few good solicitors in this area.
Regards
Great Idea.
Development numfy here… I'd love a copy in order to give you feedback.
Details below in signature.
Cheers
Hi M,
What area in the US were you considering ?
In 99.9% of cases I recommend to my clients that you have a seperate trustee company for asset protection purposes.
The only exception to the rule would be if there was absolutely no risk associated with the net assets held within the seperate trusts in which case it MAY be OK to use the same trustee.
The issue which can arise is that the purpose people use the trusts for may change over time. So a safe entity today may not be so safe in 5 or 10 years time.
To be safe… pay the extra $500 – $1,000 to get a new trustee company.
Hi Keiko,
While there is no GST payable on residential rent – there is GST payable on commercial rent if you are registered.
The fact that the tenant is not registered for GST is totally irrelevant.
To put it simply… for a commercial property:
– If you are registered for GST you should be charging GST
– If you charge GST your tenant must pay it to you (irrespective of whether they are registered)
– You must remit the GST portion to the ATO.
The only exception to this rule might be if the commercial tenant agreement was entered into prior to the introduction of GST… but there arent too many of those left.
Hi Tony,
I can confrm that your PPOR will fall under the arms length rules… and as such you CANNOT purchase it directly from yourself into the SMSF.
Hi there Olli,
I am a Chartered Accountant with many clients having self managed superannuation funds with I help them administer.
The situation you described is not uncommon and one which is easy to help you with.
My client base is stretched from Brisbane, Gold Coast, Sydney, Melbournae and Adelaide and I would be happy to catch up for a chat to discuss your requirements.
My mobile number is 0417 462 752… feel free to give me a call to discuss further.
Regards
Robert King
