Forum Replies Created
How many people here have actually seen him?????
CATA
Asset Protection Specialist
[email protected]neo25x5
Yes I have a vested interest in this subject but I do not waste peoples money on things they do not need.
As Mukta has pointed out, this is the start of her empire. Therefor structures should be taken seriously. I agree that waiting until october is nonsense and I know that the accountant will probably tell Mukta to use a Pty Ltd company and trust. This should not take that long( times vary depending on state, due to stamp duty). I do not see it taking any longer than 4-6 weeks tops.
Which structure to use will depend on the individual, which is why I ask many questions to get a clear understanding which way someone is going. Business depends on the type of business and type of risk, and assets held(if any).
Also everyones risk tolerence is different. This is something else to take into account. Some people do not want to loose everything they own and have worker hard to get.
Everyone is different.
CATA
Asset Protection Specialist
[email protected]At the risk of being picky GP you should swap your two reason arround. Just to keep the ATO happy.
CATA
Asset Protection Specialist
[email protected]Originally posted by neo25x5:If were talking about a basic residential property, and youre really `busting’ to buy, buy it. I don’t think you need to really concern yourself with trusts etc. unless you have a large portfolio.
Eric
There is no GST on a basic residential IP.
I disagree strongly with the rest of this post. Without proper structuring you could make a bigger hole for yourself.CATA
Asset Protection Specialist
[email protected]A trust is the best IMOP. This is also good for Asset Protection.
CATA
Asset Protection Specialist
[email protected]John
The benefits of owning an IP in a trust are
-Asset Protection
-Tax benefitsThe trust owns the IP or any asset, but lets you have control everything that happens in the trust. This will keep potential litigants away from your assets and give you some good tax planning also, as you can distribute profits to a low income earner.
A HBT or Hybrid/Discretionary Trust is a combination of a unit trust and a discretionary trust. This is one way to use negative gearing while not owing the IP, but the trust owns it.
Hope this helps.CATA
Asset Protection Specialist
[email protected]A partnership will increase your risk. If your partner goes bankrupt for some reason they will target you to pay the debt.
A trust would be better but more info is needed to select which type of trust eg. current financial position and future plans.CATA
Asset Protection Specialist
[email protected]Some good advice Redwing.
E-mail me if you want to talk.
CATA
Asset Protection Specialist
[email protected]Originally posted by g7:There is a lady on the Sunshine Coast, Dymphna Boholt, who is making great strides as a wealth creation adviser through property.
I believe she learnt it all form Ed Burton.
CATA
Asset Protection Specialist
[email protected]IMOP not Wal Pavey RE.I have had some intresting problems.
CATA
Asset Protection Specialist
[email protected]Originally posted by harpeau:also can an indivdual person or trust structure register for GST and an ABN?
Indivdual person is sole trader and yes a trust can register for GST & ABN also a business name (to save the XYZ Pty Ltd as trustee for the XYZ trust).
CATA
Asset Protection Specialist
[email protected]That would be selling some of the house to her and stamp duty would be charged.
CATA
Asset Protection Specialist
[email protected]Originally posted by GreatPig:Quote:
Beneficiaries? Or do you mean trustees?Both actually
CATA
Asset Protection Specialist
[email protected]Originally posted by gafama:There are certainly legitimate reasons for using a Hybrid trust and, properly administered etc, they’re AOK and above board.
YES.
But, please, don’t take advice from a “friend”. Get a specialist to advise you.
This is important.
I believe the accounting side of a HDT is more complicated than it appears. I am no accountant but I think that if it’s not done exactly right(and you wont know unless you are sued) then it will fall in court, leaving you exposed.
Allot of people will disagree, and that is ok, but this is my opinion.
If you have a good accountant, they should be able to help you.
Yes I do set HDT’s up for people if they want and if they have someone to do the accounting.This is my opinion only.
CATA
Asset Protection Specialist
[email protected]Eleven
The only other question is how many properties do you want and how much to put in each trust? Remember that if something goes wrong in the trust, everything in that trust is at risk.
Make sure that you can change beneficiaries if you need to.
Happy hunting[cap]CATA
Asset Protection Specialist
[email protected]If a hybrid trust is not maintained correctly, it will not hold up against a lawsuit. I do not believe it is necessary for the majority of people and is overused by some. I have heard of tax barristers breaking into some hybrid trusts is about 5 minutes because it was not maintained or set up correctly.
These can be tricky beasts, be careful.CATA
Asset Protection Specialist
[email protected]Spanky
I was refered to my accountant by a good friend, tried him and was very impresed with his knowledge.
As for trusts, there is a number of people on this site you could talk to, ask people in a forum or e-mail me.CATA
Asset Protection Specialist
[email protected]if you have a beneficiary company (trustee or otherwise), you need to think carefully about who the shareholders are going to be.
What about the company owned by a different discretionary trust?
A discretionary trust can distribute funds to any other legal entity that is a benificary.
CATA
Asset Protection Specialist
[email protected]Spanky
Yes you need to sell it to the company, but have you considered a trust. You can protect an asset outside a trust( not selling it in to the trust) but the unit will still be in your name, for tax purposes. Or sell it to the trust if you want the trust to own it.
Why do people need an accountant that works near them? My accountant is in Melbourne and I live in Brisbane and we have never met face to face. My point is you do not need an accountant, solicitor ect. that is near you.
CATA
Asset Protection Specialist
[email protected]TMA always has valid points. There is always something that pops up. Sometimes life gets in the way, good or bad.
CATA
Asset Protection Specialist
[email protected]
