Bid replied to the topic CGT – Reduction? in the forum Legal & Accounting 20 years, 6 months ago
And in that year off, travel around the world and look for +ve cf properties.
Mix Business with Pleasure.
Bid
Bid replied to the topic Trust distributions to minors in the forum Legal & Accounting 20 years, 6 months ago
Can the trust pay for the child’s expenses directly i.e school fees, contributions to a college fund (eg ASG), medical insurance, etc.
Would these direct payments be still treated as the child’s deemed income (minor or major) or would they be deducted as expenses incurred by trust and would reduce the income available for distribution to the…[Read more]
Bid replied to the topic Trust distributions to minors in the forum Legal & Accounting 20 years, 6 months ago
Hi skippygirl
I agree that any earned income by minor would be taxed at marginal rates and this would be a good way of paying out profits to the minors. It may not be significant (as it would be hard to justify), nevertheless something is better than nothing.
Bid
Bid replied to the topic CGT – Reduction? in the forum Legal & Accounting 20 years, 6 months ago
Thanks Terryw and Monoply
If I find anything further to reduce the CGT bill, I will post it in this thread.
regards
Bid
Bid replied to the topic CGT – Reduction? in the forum Legal & Accounting 20 years, 6 months ago
[hmm] So much for my brain wave.
I suppose ATO probably won’t fuss too much if a person pays tax on deemed sale of 5-10% lower then the mkt value if there is no third party valuation done. In which case atleast some CGT saving might be possible. But then I don’t think wife would be able to show a higher cost base than the husband’s sell base, so…[Read more]
Bid replied to the topic Interest Deduction on IP in the forum Legal & Accounting 20 years, 6 months ago
Thanks Derek,
Just to repharase to make sure I understand it correctly –
Although me and my wife are jointly and equally liabile for the loan, the ownership of property drives the expenses deductions. I can claim 99% of the interest expense (instead of 50%) against my 99% income.
Thanks
Bid
Bid replied to the topic Tax Question in the forum Legal & Accounting 20 years, 6 months ago
Marc1
In respect of your friend’s situation – if he is trading frequently in shares then he may be eligible to be classified as a ‘Trader’ and not an ‘Investor’ in shares, in which case he would be allowed to treat his profit as income and not capital gains.
Ask him to look up the following link at the ATO websire for more…[Read more]
Bid replied to the topic family home held in trust or compamy in the forum Legal & Accounting 20 years, 6 months ago
In regards to to your comments –
“If it is your tempory main residence it may be worthwile – you could negative gear it for a period and then move on and buy your final main residence in personal names and retain the existing one in the trust structure- reaping tax and other benefits.”If someone claims FHOG on the property, is there a…[Read more]
Bid replied to the topic Trust Magic in the forum Legal & Accounting 20 years, 6 months ago
Thanks everyone for the info.
I am getting a copy.
[grad]Bid
Bid replied to the topic Discretionary Trust – Losses transferrable?? in the forum General Property 20 years, 6 months ago
Terryw
I see your point now. How would the bank view this arrangement ie would it be comfortable lending the money for buying units. Maybe yes, if they still hold the mortgage over the property. I will check into this. Meanwhile, do you know any instances where this arrangement has been in place and worked well?
Bid replied to the topic Chris Batten in the forum General Property 20 years, 6 months ago
Thanks for the input, Bashiba