Thanks Scott for such a prompt reply. You really clarify the issue for me.

It is a relief that I don’t have to pay tax on the depreciation I claim on fixtures and fittings .

Thanks again,

Breakfree

Hi Scott

I asked this question on another thread before, I wonder if you could clarify the query for me.

“Any depreciation you have claimed on the building itself (not on the Fixtures and fittings within the building) must be deducted from the cost base when you are calculating your CGT. This increases the capital gain, so in effect you pay tax…[Read more]

Depreciator,

I have one query which I hope you can provide me with an answer.

The question is “Do I have to add the depreciation I claimed on plants, eg hot water tank, back onto CG and then pay tax on it after I have sold the property.” I know I have to add the depreciation I claimed on bulding back on CG and pay tax on it.

Regards,

Breakfree

Thanks Mel very much for your advice.[exhappy]

Breakfree

Mel,

Thanks heaps for pointing me to somersoft forum.[exhappy] I will have a look for more answers there.[happy3]

I have already got the book “Trust magic” which you refered to me in a another post. It is a really good book and answers a lot of my queries. However the more I read about trust on this forum, the more I know that my knowledge about…[Read more]

Mel,

Thanks very much for the answer. [exhappy]. I still need to learn a lot more about trust to know the exact outcome before I jump into it.[confused2][happy3]

Breakfree

Hi Mel,

Sorry to jump in and ask you a side step question about trust.

My question is about the following paragraph and asset protection. [withstupid]

“The trust is not on the title – trusts cannot own anything in their own right. The trustee will be on title – as it is holding the assets ‘in trust’ for the beneficiaries.”

If trust is not on…[Read more]

Thanks very much Mel and Terryw for such valuable information and explain to me the exact information I was confused before. [thumbsup2][laughing][upsidedown]

I love this forum with such great people.[thumbsup2][exhappy]

Breakfree

Thank Terryw. I have read the article again and I can understand that if the corporate trustee did something considered to be illegal, then he/she will be liable for it. I am just concerned about some accidents which could lead to the trustee liable for it.[eh]

Breakfree

These stats are either not reliable or too late and is not reflection the current market.[baaa] Alan Kholer had written an article about all these stats. I could not find the link for this post. I think some suburbs are worse than these stats put out and I think market will continue to slide. Just wait till next time they put out the stats.

Breakfree

aussiemike, thanks very much again for telling me such valuable information.[exhappy]

I am just looking at setting up a discretionary or hybrid trust with a company as a trustee and I am the director of it. I have no intention of using the company to trade or do any other business beside the function of trustee for the trust. More people looking…[Read more]

Thanks very much aussiemike for such long detail post with very good explanation.[exhappy] However, I am still confused on this point: [confused2]

“However in some circumstances the individual may be personally liable if they are a director of the corporate trustee or if they have given negligent advice as an employee of the company.”

If I am a…[Read more]

Thanks very much WallFlower for your reply.

I will certainly looking into setting up a company as a trustee. I don’t know about the situation that if you personally guarantee of the loans, will you still be responsible even though the trustee has been sacked and new trustee appointed. [confused2]

Can some one please explain to me more. I am…[Read more]

johngee,

If you want want to protect your asset, I guess you have to bite the bullet and use trust to hold your asset. Maybe someone can help you with other ideas on this forum.[]

Breakfree

Hi Redwing,

I also watched that show and the developer was the highest bidder. I don’t know he was considered as the winning bidder because the house was passed in.

Merry Christmas to all.

PS: I have learnt a lot from this forum and appreciate very much those who have done a lot of contributions to this forum

quote:
hi Redwing,
I saw the same…

[Read more]

I agree with some forumites about the RBA to increase interest rate for the sake of the whole economy. Everyone knows interest rate is at historic low and it will go back up one day (they can’t blame others) and interest rate can’t be kept low all the time in a boom time.

Breakfree

Thanks melbear and Terryw. I will check it out.

Breakfree

I am quite new to this forum and have been following this forum. It is very interesting and I am very much interested in setting up a Trust structure. I wonder if you can tell me where I can get the Trust Magic book. I have asked serveral big book stores eg Dymock, Angus and Robertions … and no have got the book. I appreciate your help.

Breakfree

Hi all,

I am new to this forum. It is fascinating to read this forum and you have contributed a lot of good ideas and I have learned a lot.

About tax issue, I guess the government sometimes try to cut tax just to make them look good. But if you look at it closely, the tax cut has already eaten by inflation. So how about a fairer way of indexing…[Read more]

Thanks very much for the lists. It is very helpful. without them, I will be lost.