Have to agree with the mob, you should be able to find a great accountant for <$150/hr. They will probably be more useful too. Had an accountant for my company once that was into big fees and fancy offices, but dumped them pretty quickly.

You often find that expensive accountants are into looking good and managing their billings, rather than helping you.

I’ve had an accountant in Canberra for two years now who is excellent, works from a home office with two paraprofessional staff. She does my company, personal and trust accounts at $132/hr.

You will find all professionals most useful if you try to understand as much about their field as possible. This does not mean studying law or accounting, but DO the following simple tasks:
– keep track of your expenses using a spreadsheet, log book, quicken, MYOB or (free) gnucash. Have a good idea which income or expense goes under which headings – flag those you’re unsure about. Your accountant will relate to you on the level that your at. If you give them a shoebox full of receipts, they’ll be flat out just completing your tax return – and too busy to help you make money!
– Understand as much tax law as possible, as well as picking up ideas from fellow investors. This forum is an excellent start. Do not take unprofessional advice as gospel, but do ask your professionals about any interesting ideas you pick up.
– Ensure your advisors understand your level and attitudes. Encourage them to suggest new structures or tax arrangements. Assess all ideas against your goals – probably income, less tax and protection.
– Think about where you will be in the future. Start developing the skills you will need. If you can afford to I suggest having a company and a trust just to learn about them. But don’t leave yourself short of cash (and forsaking investments) in doing so.
– Weigh up the long vs short term advantages of your investments. Holding investments in the name of a high income earner might be best for the first few years, but what happens when the depreciation drops and rents rise? Trusts and companies normally make better long term structures. Consider this maybe from property#3 onwards.

There’s plenty more too!

Further on renting from your own trust. There are several reasons to do so, eg you move into a former investment property, or you might have some cashflow advantages (depends on your situation I guess).

You might also be doing it for asset protection. I work in a high litigation risk field, and although I own my home outright in my own name, I have a contrived debt to my family trust that exceeds the value of my home.

The house is therefore unencumbered, which allows me to take out a mortgage if I wish, but the trust has a floating charge over my assets, which I could settle on the house at the drop of a hat before a judgement creditor could take action.

If I were sued, the trust therefore is a secured creditor and gets to take my house, rather than some money grubbing ambulance chaser (no offence intended[]).

I still retain the CGT exemption on my home, since it’s in my name.

(PS I would also avoid paying stamp duty on the Mortgage if I were in the states that charge that).

Remember: these are only ideas, talk to your accountant and solicitor to see if this works for you.