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  • Profile photo of catacata
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    December 13, 2005 - 6:16 am

    I try to teach my kids how to make it rather than how much?

    If they know that I think it is half the battle won

    CATA
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    December 13, 2005 - 6:12 am

    Be careful with cheap trusts and companies.

    More often than not, you get what you pay for.

    CATA
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    December 13, 2005 - 6:10 am

    It was interesting, but you can call me a skeptic. I’m sure that it has some truths but I have done no research myself.

    A bit of an eye opener though.

    CATA
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    December 12, 2005 - 9:14 pm

    Some small changes to redwings answers as it is a discretionary trust not a HDT.

    3- Loan is inside the trust. Remember that a discretionary trust can not offset the loss (if -ve gear) as there are no special income units.

    5- The trust.

    6- The trust trades.

    7- Best to speak to an accountant about income streaming.

    8- Yes the corporate trustee can be a benificiary, but this is NOT advisable as the trustee must be a Non Trading Company for the best Asset Protection. The company must be a trustee only and not trade.

    9- Best to speak to an accountant, but my thoughts are- if the trust is registered for GST
    and sells an IP, the capital gain is not a goods or service. Thats why it is a seperate tax.

    Hope this helps

    CATA
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    December 12, 2005 - 6:16 am

    Listing yourself as a benificiary will leave a paper trail that a decent Private Dective will find.

    The DVD you refer to, is it the one about the Reserve Banks being privatly owned?

    CATA
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    December 10, 2005 - 9:30 pm

    We will be travelling up to Matyborough to see the inlaws[thumbsdownanim

    My wife said “How long do you want to stay?”

    To which I said “Um, three hrs drive. If we leave at 8 we can be home by 5”.

    I think that I just scored a week in Hicksville, I mean Maryborough. It wouldn’t be so bad if the inlaws were not there. Or more to the point, Mother in law.

    I think she is on a planet all on her own.

    WOW and that post is AFTER I took out the nasty stuff.

    I am looking forward to our girls, 5 & 9, and their excited faces on Chrissy morning. That is what it is all about for me.
    CATA
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    December 10, 2005 - 9:13 pm
    Originally posted by Ben Morris:

    The forthcoming comments are not mine…I take no responsibilty for them…they are ficticious rubbish.

    You forgot …risky, and “You can’t do that” ,and “No there is not anyway to move your money arround without someone tracking it”…

    But that is all ficticious rubbish also.
    [whistle]

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    December 9, 2005 - 6:27 am

    If someone does a search on you, it will list you as a benificary of a bare trust. Therefor your name will appear on an asset search.

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    December 8, 2005 - 9:12 am

    A Trust Deed can exist without paying stamp duty
    (no stamp duty in QLD) but if it is not settled then it is not active and can’t be used(except QLD).

    Hence the double stamp duty.

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    December 8, 2005 - 6:14 am
    Originally posted by grossrealisation:

    first decide what your doing and then build the structure for that purpose.

    This is one of the best quotes I have seen on PI.com

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    December 7, 2005 - 11:38 am

    It is difficult to get finance with an International Business Company (IBC).

    There are two types of IBC’s. Companies Limited by Shares(CLS), and Companies Limited by Guarantees(CLG). A CLG is possibly better for what you want. You will need a Director, a CLG, 2 members , and you would be the Appointer.

    As Appointer, you can suggest what the CLG would do but you can not tell the director what to do. You can only tell them to wind up the CLG but even then there is no way to tell the director what to do with your money.

    You can not be the director as this would require you to let the ATO know.

    You will need the country to be a tax haven. Then after all this you will need to get the money back to Aus somehow, and if you are caught, Part IVa Tax Avoidence. Hairy Boyfriend time in jail.

    Not worth it for me as there is some great structures in Aus.

    This is a brief overview and I hope it helps.
    Costs about $3500 and $3000 per year.

    I can refer you if you want to talk to someone about this.

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    December 6, 2005 - 9:09 pm

    Trust property is said to be legally owned by the trustee, with the beneficial or equitable ownership lying with the trust’s beneficiaries. The trust is not technically a separate legal entity, and as such cannot own property on its own. Hence, all property (including real property) is owned in the name of the trustee – whether an individual trustee or a trustee company. Accordingly, the name on a property’s certificate of title will be that of the trustee’s (with no mention of the trust). The trustee should record the fact it is holding the property on trust and place such a record (e.g. trustee company minutes) in the trust register.

    It is a semantic division which the law adopts: The trustee owns the trust assets in name only – the benefit of those assets (enjoyment of them) is the sole exclusive right of the beneficiaries of the trust. Hence, if the trustee is sued in a personal capacity (unrelated to management of trust
    assets) the claimant has no right to the trust property, as the trustee does not have ‘full’ ownership of this property.

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    December 6, 2005 - 8:09 am

    Be careful with this one GR. ATO will not be happy with you (or anyone else) if this is done any you are audited.

    Not worth the risk IMOP.

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    December 5, 2005 - 7:19 am

    I am in two minds about this one coastymike. I feel that there is some inconsistences in the info that is comming out. I believe Ed Chan to be a very good accountant, but the structures are nothing new (from a very credible source).

    Listen to the Rick Otten audio and see if you can pick up anything strange as I did.

    Hence, the two minds.

    I would like to know more but….

    How much to pay?

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    December 4, 2005 - 8:59 pm

    If the price you want is unrealistic then you will not get the price you want anyway. I think most people won’t care as long as they get a price acceptable to them.

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    December 2, 2005 - 8:19 am
    Originally posted by carl_vic:
    The only thing I was confused about is whether or not I can establish the appropriate company/trust structure in the period between signing contracts and settlement.

    What time frame are we talking about?

    Originally posted by carl_vic:

    All things considered I’m tempted to get the trusts organised well in advance now just in case. The temporary savings will not be worth the risk of screwing it up :-)

    This is the best advice I could have given, but most will wait untill it is to late.

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    December 2, 2005 - 8:13 am

    Most trusts will allow you to list a company as benificiary. This will give you all the benifits of a trust and capping income from the trust at 30%.

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    December 2, 2005 - 8:01 am

    That happens alot Thomas.

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    December 1, 2005 - 9:03 pm

    I have done no developing so this is new to me. But this was my understanding of residential contracts. Correct me if I am wrong.

    Thanks Richard

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    December 1, 2005 - 8:59 pm

    The main difference is that a Family Trust can only distribute to family members. Sometimes called a Bloodline Trust.

    A Discretionary Trust can list anyboby or any other entity as a benificiary eg. Company, another Trust ect.

    There are some smaller differences but this is the main one, and it has the ability to save many dollars in tax.

    CATA
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