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  • Profile photo of breakfreebreakfree
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    March 10, 2005 - 6:52 am

    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

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    March 10, 2005 - 4:05 am

    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 on this claimed amount when you sell.”

    How about depreciation on Fixttures and fittings, eg hot water tank, do I have to deduct the depreciation for hot water tank from the cost base when I calculate the CGT. Does it means this will increase the capital gain and therefore I will have to pay tax on this claimed amount when I sell.

    I appreciate your answer.

    Regards,

    Breakfree

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    March 9, 2005 - 7:37 am

    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

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    June 23, 2004 - 3:53 am

    Thanks Mel very much for your advice.[exhappy]

    Breakfree

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    June 15, 2004 - 1:18 am

    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 trust is still limited and with the new bill of changing trust rules from this government. I am still not sure about what I should do with setting up a trust.[confused2]

    Breakfree

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    June 10, 2004 - 1:42 am

    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

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    June 4, 2004 - 5:11 am

    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 the title and cannot own anything in their own right and the trustee will be on the title and holding the assests in trust for the beneficicaries, if some one sues the trustee, will the assets in trust still be protected. [confused2]

    (I asked about asset protection in other thread before and I would like you to clarify this point for me please.)[confused2]

    I appreciate your reply as always.[exhappy]

    Breakfree

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    May 30, 2004 - 10:58 pm

    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

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    May 27, 2004 - 6:43 am

    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

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    May 27, 2004 - 4:20 am

    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

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    May 27, 2004 - 3:46 am

    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 at litigations in the society now just because other people are doing better than them, I just don’t want any liabilty which is not my fault.[worried]

    I appreciate your effort in explaining in lenght about the rules.[thumbsup2]

    Breakfree

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    May 26, 2004 - 11:17 pm

    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 director of the corporate trustee and I personnally give guarrantee to the loans for the company, will I be still liable if the corporate trustee get sued.

    I will certainly discuss this with a lawyer or an accountant. However, I think it is better to educated myself first because some lawyers and accountants might not know all about this type of trust structure and therefore may give not very good advice and may set up the trust not water tide at all.

    Breakfree

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    May 25, 2004 - 10:49 pm

    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 still a newbie and try to learn to set up the structure properly. I would love to hear from some one knowing a fair bit about trust. I have read some posts about trust from Terry, Mel, SIS etc. and learnt a lot from them. I wonder if these trust “gurus” can shed some light and this subject and help me out.

    Thanks WallFlower again for your idea. [exhappy]

    Breakfree

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    February 13, 2004 - 6:35 am

    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.[:I]

    Breakfree

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    December 22, 2003 - 3:55 am

    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 show, the developer and his bimbo

    [:D][:D][:D] ‘Thats the one’ Diclem

    REDWING

    “The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”

    Breakfree

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    December 10, 2003 - 2:58 am

    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

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    November 21, 2003 - 7:10 am

    Thanks melbear and Terryw. I will check it out.

    Breakfree

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    November 21, 2003 - 1:51 am

    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

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    November 19, 2003 - 2:01 am

    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 the tax we paid based on inflation. The government know it is fair. But do they want to do it?

    Breakfree

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    November 18, 2003 - 7:23 am

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

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