Forum Replies Created
Dr X has it right.
Pty Ltd company as trustee must be cleanskin with no trading history.
The trust you use will depend on what you are doing. Probably either a discretionary trust or hybrid discretionary trust.E-mail me if you want to chat.
CATA
Asset Protection Specialist
[email protected]The ATO can clamp down all they like, if you are following the laws then there should be no problem.
As for the law. the pollies wont change laws that affect themselves, would they?CATA
Asset Protection Specialist
[email protected]It is a commercial cleaning bus. that employees 1 f/t and 3 p/t staff.
Owner claims 10hrs/wk
Pays himself 46k
21k to super
19k profit to be distributed
Home bassedStill sounds OK to me.
CATA
Asset Protection Specialist
[email protected]Hi Grant7
Who set up the trust for you and why was it not done by them?
I do all this for my clients as part of the service.
The ABR website is a free service and should take you about 40 minutes.CATA
Asset Protection Specialist
[email protected]Hi Grant7
Yes the trust will need to be registered (at least with a TFN).
As for the intrest, I think it comes down to what the land will be used for eg. for investment then deductable. Check with your accountant.
CATA
Asset Protection Specialist
[email protected]That was my thaughts to dazz. I was curious so I called the business broker yesterday. I will let you know what I find.
CATA
Asset Protection Specialist
[email protected]Congrats Redwing
I didn’t think it would take you all year to do it.
Now on to the next mill hay
CATA
Asset Protection Specialist
[email protected]I was reading the paper yesterday, business for sale section.
There is a cleaning business for sale, 190K + SAV with the owner working 10 hrs/wk and his net is 90K/annum.This might be a way to get a reasonable passive income for the cost of an IP.
Just remember, if you love what you are doing, you will never work a day in your life[thumbsupanim]
CATA
Asset Protection Specialist
[email protected]I use MYOB but I also use it for business.
I believe that Quicken is a cheap and easy to run programCATA
Asset Protection Specialist
[email protected]As am I Terry.
Carl
The appointer has the ability to remove and reappoint the trustee. It will depend on the trust deed, but should be a minute entry.CATA
Asset Protection Specialist
[email protected]Vanuatu is all lease hold from the local chief, and some of the local builders…
Well lets just say that there is no standards.CATA
Asset Protection Specialist
[email protected]I have a question for all the accountants.
What do you think is the difference between a Family Trust and a Discretionary Trust?
I find that some know but most don’t.
Amanda, a Hybrid Discretionary Trust can get the -ve affect.
CATA
Asset Protection Specialist
[email protected]Good point Jonathan but the info on what strategy is missing. The direction investment will change the type of trust.
My opinions from the info given are-
Type of trust? Discretionary or Hybrid (with corporate trustee)Directors? I would chose only one of you, the person who will be the risk taker, seen as doing all the dealings.
Beneficiaries? Both of you and anyone else that you want. You do not have to direct any monies to them. Make sure that you can change beneficiaries without having to resettle the trust.
PPOR? NOT in a trust, as you will loose the CGT exemption. Some options are transfering into the risk averter’s name( not the company director) . Or secure it using another option.
Margin Scheme? Which one?
Anything Else? Probably, but find out soon if you want the current IP under contract to be in the trust.
CATA
Asset Protection Specialist
[email protected]Im my opinion this is personal info and details should not be discussed in a public forum for the world to see.
From the comments I see that you are still confused and I am willing to have a chat with you. E-mail me if you want.
CATA
Asset Protection Specialist
[email protected]Originally posted by dekra:[/u
I am able to buy the house from my mother but I can’t see the sense in spending all that money on stamp duty given I will receive the house in her will after she dies anyway.Stamp duty now or death duties after she dies?
Possibly much the same costs. there is a number of options that you could consider. instead of writing a short story here, e-mail me if you want to talk.CATA
Asset Protection Specialist
[email protected]Harry I think you are missing the point.
A company can be used as a corporate trustee(non trading) and hence may not need a tax return. So except for set up and annual ASIC costs there is no extra.Keeping different investments in different structures is not silly at all. Asset Protection ant tax minimisation(not avoidance) is the key here.
All of this is legal.CATA
Asset Protection Specialist
[email protected]It will depend on what you want to do now and in the future. Sometimes a cheap trust is followed be large ongoing fees.
Also, you will never know just how good a trust is untill it is tried is court.Price is not the most iportant factor is setting a structure in place.
A Family Trust can only distribute funds to family members.
A Discretionary Trust can distribute funds to anyone or any entity, as can a Hybrid Trust. Some believe that Hybrid Trusts are overused, and are overcomplicated.CATA
Asset Protection Specialist
[email protected]You can do a reverse ta audit on the tax office for up to 4 years previous.
I have just done it for the last 2 years, but it is only worth doing if you get back more money than it costs to do.CATA
Asset Protection Specialist
[email protected]From my very limited dealings with SMFS I believe that you can’t just transfer to a super fund, and they would possibly have to sell their properties to the fund.
A super fund can’t borrow money, so they will need enough cash in the super fund for this.
It is worth thinking about as it will also give some great asset protection and tax minimisation benifits.
Just my thoughts
CATA
Asset Protection Specialist
[email protected]
