“What’s mine is mine????”

Not if you don’t have the proper structure it seems. Making sure you have the right structure seems to be paramount these days! As Gatsby said: The law is ‘F*#$ED’!….

Rgds.
Lucifer_au

“Additonally if the budget is such a bad thing why has labor said it will not block it passing throught the senate?”

I didn’t say it was a bad budget – just a really, really boring one!

As for Latham, I do agree with you. It’s good he has ‘newish’ ideas, but I don’t really trust labour. They seem to like slogging it to middle to higher end…[Read more]

CGT is not payable on wraps. From memeory it comes under ’emerging profits’, but I would suggest as Jairus suggeted, do a search for it (it is contained in the now defunct wraps and vendor finance section (near the very bottom of the forums list)). But as I said before no CGT.

Rgds.
Lucifer_au

“So would this structure give you the same protection as a trust with corp trustee?”

Not as much protection, but you have to take into account what is your chance of being sued, anyway it’s alot better than being naked (i.e. having it in your own name). The real downside to this kind of structure is the fact you have to pay 30% CGT when you…[Read more]

Perhaps she bought those of those city units?? Or bought very expensive property at the very top of the boom??

As you’ve said she should get legal advice, esp. with this kind of issue.

“gain I also agree that Family Trusts are far more valuable; but they too (so I am lead to believe) can be problematic in times of dispute.”

Not if they are set…[Read more]

“Its not pretty”

Could I say thats the understatement of the century??? Well it has to be up there with ’em!

The don’t call it the Wild West for nothing – The Good, The very bad and the very, very ugly [].

Rgds.
Lucifer_au

If you bought your PPOR and placed in a trust, you can simply rent it from your trust. This though must be fair market rent.

Rgds.
Lucifer_au

SuperTed I use corporations and trusts to reduce my taxes, therefor I want things like faster depriciation write offs, changes in CGT or higher amounts in the $0-$6K tax brackets (so it would be great if it went to $0-$12K), as well as the 17% tax bracket.

‘poorer’… eh’, if you pay no tax you must be poor!

‘poorer’ some one who is not earning…[Read more]

Go here for details.

Or check out http://www.budget.gov.au

Rgds.
Lucifer_au

What about buying an inexpensive but big house first… Mabye a big house 4 bdr, and the rent to foreign exchange students (you could fit up 3 (2 per bdr)). Of course they may have to move further out if the area is expensive.

Perhaps build a place with a granny flat (so two tennants).

Sorry to harp on this point, but I really do think if you…[Read more]

There are a couple of reasons. The first is that with commercial it can be difficult to rent the property out. Simply lowering the rent still might not get you any tennants, so you have to know what potentially you clients are looking for. Also you might have to spend alot more money to get the tennants and be more creative (for example you might…[Read more]

There are certain restrictions on overseas citizens. For more info go here:
http://www.firb.gov.au/content/default.asp

Rgds.
Lucifer_au

Changing trustee can trigger a CGT event, so do check with an Accountant as Aceyducey suggested.

Rgds.
Lucifer_au

My view is a tad harsh and I’ll admit that, but I did say
“It seems to me that you want to help your daughter, which is commendable”

There isn’t that much upside here, you tried to get her to invest with you in property that has gone up in value, she refuses, yet it could of given her enough for a deposit for her own house. You offered her an…[Read more]

This is called economic outpatient care – and it makes my blood BOIL!!!

Lets look at it from a purely financial aspect. You have 3 stocks. One has gone up 400% and has high growth prospects. Another has gone up 100% and has just as high growth prospects. One has fallen 25%, and has poor growth prospects, but it seems to have hard luck story…[Read more]

The 2004–05 Commonwealth Budget will be released on Tuesday, 11 May at 7:30pm, so we won’t know the new tax rates untill then.

Rgds.
Lucifer_au

Fantastic stats Aceyducey!!!!

Rgds.
Lucifer_au

I can buy insurance to cover my liability.

Not if you are sued personally – or perhaps you could tell us how high your premiums are, because it would be huge!! (think of the guy who sued this drunk guy in a pub who won a meat raffel and then walked round the pub wearing the meat on his feet, the guy who sued slipped and the drunk meaty guy lost…[Read more]

I like houses, mainly because I think familys are better payers than single people who don’t have children. Saying that, you can do both, just realise you might find a higher % of take backs with units.

Rgds.
Lucifer_au

Okay look at it this way – I buy a newspaper for reading the latest news. If I am a employee and I buy it, I do not get to claim it (unless I’m a jurno), however if I own a business, my business does get to claim it, as it is providing me with information that is needed to run my business.

Lets say I own two cars. Now as an individual I can’t…[Read more]