Forum Replies Created
Why don’t you look in to a “Novation Agreement”. This allowes you to sign in your name and then change the name on the contract(as long as the rest of the contract is the same and the vendor agrees). No other costs involved eg. stamp duty.
CATA
Asset Protection Specialist
[email protected]Why don’t you put an option on the property?
Not sure where to advertize though, maybe in a forum on a website like this one.CATA
Asset Protection Specialist
[email protected]Quote:Originally posted by Terryw:
[br I missed the fact that your loans are cross securitised.Hi Terry
Sorry to be picky but you can cross securitise without cross collateralizing. Thiis is an asset protection structure though.
CATA
Asset Protection Specialist
[email protected]This might also incure fringe benifits tax. I really wouldn’t do this, AT ALL.
CATA
Asset Protection Specialist
[email protected]Terryw
I’ve never heard of that before. As for the $10 stapled, prove to me that it was stapled to the trust deed at time of settlement. This is why a cheque should be used, a cheque will leave a paper trail which can be traced.
I deal with people who have been setting up structures for 25 years(and never been broken in to) who have never heard of this problem with a cheque.
I would like to hear more if you could find out.Thanks
CATA
Asset Protection Specialist
[email protected]CATA
Asset Protection Specialist
[email protected]I think this would be seen as tax avoidence.
This makes the ATO not happy and possible jail time. I would not do this.CATA
Asset Protection Specialist
[email protected]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
[email protected]Hi Guys
Count me in also. I also live in Brisbane.CATA
Asset Protection Specialist
[email protected]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 limit are also a factor.
CATA
Asset Protection Specialist
[email protected]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 Specialist
[email protected]I also replied as per Terryw.
CATA
Asset Protection Specialist
[email protected]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.
CATAGordon
Why do you not like gifting funds to your trust? I have not come across anyone else you says this.
CATA
Asset Protection Specialist
[email protected]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 is no good.
E-mail me and we can talk in more detail.
CATAGP
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. QLD comming in fifth.
My point is sometimes you get what you pay for and sometimes you get a bargin, but how do you know? Wait untill you are sued and find out.
CATA
Asset Protection SpecialistSo 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
