I am no accountant but I think that if it is related to a property that settles next financial year then it is for next financial years tax return. I would wait until july as you do not own the property yet.

CATA
Asset Protection Specialist
wardlecata@primusonline.com.au

Hi Guys
Count me in also. I also live in Brisbane.

CATA
Asset Protection Specialist
wardlecata@primusonline.com.au

The farm may be deemed an asset and affect the pension but an unworked farm will not make any money. Cashflow is King and if the pension is affected so is the Cashflow. Living week to week is not for me but their is alot who need to(for whatever reason)

Also, they may not be able to raise a few cows as this is also a cost week to week. Physical…[Read more]

This is one that I see alot. Sadly most policies as not what they crack up to be.
Remember that all an insurance company has to do is “Allege” that you are criminally negligent(you can not insure against criminal actions).

Insurance is important but it is only a step in the right direction.

E-mail me.

CATA
Asset Protection…[Read more]

I also replied as per Terryw.

CATA
Asset Protection Specialist
wardlecata@primusonline.com.au

That’s right, no stamp duty in QLD but the settlor does not need to live in QLD. As long as you use a cheque and settle it within 28 days. A cheque leave a paper trail and you can retrace its steps.

CATA

Why not look into a “Novation Agreement”? This may allow you to change the contract so you can put the house into a trust, as long as the other detaile do not change.

CATA

Abby

A trustee is liabile for anything that goes on in the trust and therefor is able ot be sued. If you are the trustee then that makes you liable. If there is a $2 non-trading company(with no trading history) as trustee then all that is at stake is $2. Not worth sueing for.
Yes they need TFN, and an ABN if the trade.
CATA

Gordon

Why do you not like gifting funds to your trust? I have not come across anyone else you says this.

CATA
Asset Protection Specialist
wardlecata@primusonline.com.au

GP
I couldn’t hepl myself. I had to find out more.

Yes, A hybrid trust with no units issued operates as a discretionary trust.

CATA

Tricky one Allan

Putting tha asset in a trust would distance the it but then there is CGT, Land tax and possible frindge benifits tax issues.
Subdividing can also be costly and if you already own it then you need to transfer the title into the trust or if you are buying it then you can’t subdivide untill you own it.
Super is also an asset so that…[Read more]

GP

What is ISTM?

Not something I normally do but I think it sounds ok. I would have to look into it further though.

I usually use the negative gear as an offset to a positive in another related trust as I am not a fan of negative gearing(personal opinion only). I perfer positive or netural gear with good growth potential.

CATA

I have heard of trust deeds being sold on E-bay for $37.50, but be careful. These trusts are no good.

As for the text in the trust deed, not all deeds are the same. You will only know if they are any good or not if you are sued. Most will fall quickly.

Did you know that NSW is the second most litigated state in the WORLD on a per capita basis.…[Read more]

So you need to decide whether it is worth the cost or not. Maybe this should be a lesson learned for next time.

It will not matter if you win or not, the lawyer always wins.

CATA

A hybrid trust is a combination of discretionary and unit trusts. If it has no units then it will be a discretionary trust only.

CATA

You have done some research I see Gordon.
Something to think about, PPOR in my name, gift funds to trust for deposit on IP. Trust borrows funds for IP and takes security over PPOR as well as IP. This also negates the 6/24 month bankruptcy law.
2 houses, 2 loans, lots of security for bank.

CATA

Eleven

I think the ATO dosen’t like anything that saves taxpayers from paying tax.
Hybrid trusts are good but my preference is a Discertionary Trust.
I believe that the hybrid trust is used alot when it is not needed. My opinion only.
Different circumstances for different trusts, but I am a big fan of discretionary trusts.
Cata
Asset Protection…[Read more]

Terryw

If a trust has a mortgage(loan agreement) over a property in my name(for example) and I was sued, the trust would recieve monies owing before any payment to a litigant. This means if anyone sues me, the trust would be payed first.
Maximising your loans reduce your risk but also limit you for future investments.
You can borrow from the…[Read more]

Did you know that the reserve bank in a private bank which lends money to the government. They are not run by the government

This sounds a bit dodgey, not something I would do.
The loss has to be real or the ATO might see it as tax avoidence.
Cata