Forum Replies Created
The first thing I noticed Foundation is that this is your 666th post on the 6/6/06.
Are you the devil?
Is that long post some kind of punishment from hell?Just joking[strum]
CATA
Asset Protection Specialist
[email protected]I would not rent to family again without a manager.
This would have saved us alot of trouble. It’s the little things like “The light bulb in the kitcken is broken, when can you fix it?”This was one with a manager, and we told her that we have a manager for a reason. We did not want the Sunday get together to become a maintence checklist.
She found out the hard way that things like this were her problem.
CATA
Asset Protection Specialist
[email protected]It’s a shame that the comments of a few can hurt a forum so much, with some knowledgable posters not returning.
You will be missed Coasty.[glum2]
I think people should be trying to be positive and not so abusive in their posts. This forum is all about helping each other.
This disapoints me.[angry2]
CATA
Asset Protection Specialist
[email protected]If it was easy Amanda, everyone would be doing it.
Be the cat in the rat race.
CATA
Asset Protection Specialist
[email protected]You are on the right track. I would always keep investments seperate from business. If the business fails the creditors may may chase your investments for payment if in the same structure.
What sort of business?
If you want to have a chat about possibilities, e-mail me.CATA
Asset Protection Specialist
[email protected]A great point that is often overlooked Stuart.
The kicker in cases like these are that insurance may not cover you. The guy that got hit in the head with the golf ball for example, the day was a charity day. No green fees were payed so no insurance was payed either. Or the criminal that broke into your house, he is committing a criminal offence and insurance will not cover you in a criminal case (Neglegance is also criminal).
CATA
Asset Protection Specialist
[email protected]Hi Toni
This will depend on the deed of the trust. Some will allow you to add/remove beneficaries with a minute entry, others will need resettling (this is the expensive one).
CATA
Asset Protection Specialist
[email protected]Thats a good post Elkam.
And there is also the option of a bucket company when all other beneficaries have reached the 30% tax threshold. This will cap your tax at 30% as this is the company tax rate.
First of all I am not a tax accountant, I am a Asset Protection Specialist, but this is what I do with my tax.
My tax barrister recommends it to me and he also tells me that the laws regarding trusts will not change much because of the pollies that use trusts.If your accountant does not know this then I would be looking for a new one as I believe that it is pertty standard stuff.
I hope that this has answered your questions HB, if not maybe asking nicely will help.
CATA
Asset Protection Specialist
[email protected]It sounds like a rubbish to me Dazz. [jerry]
I thought there was limitations to what could be built on to a tip. Some old tips here in Brisvagas have playing fields over the rubbish as nothing could be built on the unstable ground.
CATA
Asset Protection Specialist
[email protected]Tax issues are not the only benifit of trusts HB, and what if you could keep your taxable income in an even lower tax bracket.
The way I read the extract, it does not at all say that using a trust is outdated. If 81% of pollies use trusts do you really think they will loose there benifits?
CATA
Asset Protection Specialist
[email protected]Originally posted by Stuart Milne:Whilst you can go to a bucket conveyancer I always have firmly believed in the adage about getting what you pay for so I’m always happy to pay a bit more for a Solicitors services whilst conveying property
That statement is possibly one of the most underused, but powerful statement arround. It comes back to the old saying “You get what you pay for”.
How true it is, but some will not know it untill it is to late (which then costs you even more than doing it properly in the first place).
CATA
Asset Protection Specialist
[email protected]Why can’t you use the exess funds distributed from the trust to another entity (company or another trust) to use as a deposit on another IP, or other investment that is perhaps -ve geared.
Remember that you have already distributed up to the 30% tax bracket to yourself and the rest is (for me anyway) for investment, business etc.
How much do you need to live on?
CATA
Asset Protection Specialist
[email protected]I would assume then Terry that the lawcentral website is incorrect. It may be commonly called a family trust, but why not just call it by it’s correct name to save confusion.
I’m not having a go at you Terry but it’s the details that makes the difference between a trust deed and a good trust deed.
I also use to be an engineer so I look at the details.
CATA
Asset Protection Specialist
[email protected]Yes Redwing, the company should be seperate from the trustee company. You might also be able to distribute funds to another trust.
Terry, If the trust can distribute funds to anyone or entity then it is a discretionary trust, if it can only distribute funds to family menbers then it is a family trust.
CATA
Asset Protection Specialist
[email protected]A family trust can only distribute funds to family members. A discretionary trust can have a bucket company capping your tax at 30%.
This is why I do not set up family trusts.CATA
Asset Protection Specialist
[email protected]Do the repayments have to be in USD and I assume that they fluctuate with the exchange rate.
What are the set up costs?CATA
Asset Protection Specialist
[email protected]Everyone is in a different situation so it is best to talk to someone who knows structures well, but you will possibly get conflicting advice from different people.
You will also need to think about how far you want your investing to go, how many IP’s.Look into a corporate trustee with either discretionary or hybrid discretionary trust.
Hope this helps
CATA
Asset Protection Specialist
[email protected]You will need your investment stratagie sorted out before you look at structuring.
Will it be -ve gear or +ve gear?
Buy and hold
DevelopYou get the idea. This will steer your structuring in the right direction.
There is plenty of good books out there that will give you a good understanding.A quick tip, Family trusts are limiting for income distributions if you are single.
CATA
Asset Protection Specialist
[email protected]Just a thaught.
Why do you thing the govermnent is giving $4k for a baby bonus?
My opinion is that because the government knows they need to keep the population up for long term viability of this country. This along with imigration should be enough.My only question is, what type of demographic will have a child for $4k?
My wife being a teacher is concerned about the “quality” of the future children as the type of people who have childern for the money also know that 5 kids is the magic number for centerlink payments and rent assistance.There is a housing commision house a few houses up from my mate, they have no money, but can afford smokes, beer (lots of beer) and here is the kicker for me, FOXTEL.
But they have no money.
I have come down from my horse now.CATA
Asset Protection Specialist
[email protected]Originally posted by coastymike:How boring life would be if we always stayed on topic. Ohh sorry this is off topic.
Nice one Coasty[specool]
CATA
Asset Protection Specialist
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