Hi ASB

Isn’t super a wonderful thing?
And managed properly will provided you with a lovely retirement packaged.
but mishandled can be a disaster.
Ever since the ATO has taken control, its all done by the book.
deviate at your own risk
the ATO for the last few years has been auditing, then educating various SMSF of their obligations.

we’ve been educated.
accounting costs of $30k plus 2 years, to comply with the regulations

what your trying to acheive is pushing up hill….there’s so many things wrong

a good SMSF accountant ….who only deals in SMSF…is the way to go, not this forum.

the ATO will only be nice for so long…then the penalties will start
being close to retirement and over 2mil of assest, i didn’t need penalties.

good luck

hb

hi jjaaus

i’m as so impressed with your ability to sniff out these’s great bargains…..
especially the beachfront property in adelaide, surrounded by million dollar properites.

having neighbour of similiar ilk, i doubt whether any of them would have given their land away so cheaply…..lucky you.
Those guys don’t miss a bargain, and you would have thought, for that price they could have bought it just to put the second tennis court on?

but the other thing that really surprised me, was your guts to put up a 6 unit development next door to them.
wow
now when a development was being introduced to our area,
my neighbours, with obviously far to much money, hired the best QC to put a stop to it.
I just don’t know how many millionares want a 6 unit development next door!

well done…gutsy stuff….

hb

Cato……correct
grossrealisation…..correct

Companies, trusts, SMSF are a great way of managing your wealth creation…..as long as you can control them.

The question asked was simple……
Does anyone know if it is possible to buy and sell investment properties through a limited company to avoid, or carry over to the next investment capital gains tax ?

There’s that word…..”AVOID”

After 30 years of trying to AVOID taxes, with 3 companies, a discretionary trust, a unit trust, and on top of that, a SMSF, I’ve come to the conclusion that all i was doing is shuffling the chairs around on the Titanic…..
and making my accountants and auditors very wealthy

but, each to his own

and giddo……correct

property into your SMSF is a great way to go…….

that way you and the tax office can manage your retire together ……

ahh….now whats that old say about taxes and death?

harry

hi dazzling and a happy new year to all

Your accountant must love you

doing all those ATO returns …..
all those asic annual returns….

having 4 companies….wow baby you must be rolling in it.

But is it really worthwhile?

What are the disadvantages?

Well firstly , the legal cost of setting up a company is about $1000. companies also must file an annual return with the Australian Securities and Insurance Commission at a cost of at least $200 per year.
plus, accounting costs are higher for a company than the other structures.

Secondly, if the company has the misfortune of going belly up, as a director you will be held personally liable. (but of course, this won’t happen)

Thirdly, capital gains….now that’s a sad story
Under the changes introduced in 1999, companies do not receive the general 50 % DISCOUNT.
This can mean when an individual on the top rate makes a capital gain they will pay about 24.5 per cent on the gain.
Where a company owns the same asset after the capital profit has been distributed to the shareholder, tax payable will be effectively 48.5 per cent.

Now thats sad [thumbsdownanim]

worst than that
if profits are taken and not shown as dividends,
you can face a penalty by not being allowed a credit for the tax paid by the company

its not fair……
but i guess the basic reasons companies are formed, is to create employment and growth for the economy……

not to be a tax avoidance vehicle

just my 2 cents worth

harry

so eloquently spoken young man,
but you do really envisage an conspiracy theory,
or are you merely narrow-minded to the advice provide by proficient professionals that have, for some considerable time now, being informing the populace of the eminent failure for the property market to maintain momentum, thereby causing anguish to the adolescent investor

just my little bit

harry

Mortgage (I have been through three booms) Hunter.
did thou not heed the sentiment about property through the bust cycles?
was property not on the nose?
where the papers not ripe with mortgagee auctions?

ahhh how quickly one forgets…..

i remember well a property investor hocking himself for over 1 mil only to find no buyers over 360k….
and he couldn’t do the “buy and hold” theory, after all 0% equity doesn’t go down well with the banks, when times are tuff

banks
those cruel heartless banks……
after all its only money
and according to the theory property will always go up….
and it did
15 years later its value is $ 1.3 mil
see i told ya
property always goes up
a cool 200k…. how good is that for the original investor
still
much better for the second investor

now we might not get “the recession we had to have”, but do you think the government wants house prices to keep doubling while it screws the workers?
and do you think real wages going up only 14% and house prices doubling, over the last 8 years, is substainable?

i doubt it

so like any good gambler i’ll take a punt
sell 50%, cashed up
hold 50%
let the good times roll

how about you Mortgage Hunter

you’ve also seen the busts
isn’t that the time to buy?

harry

kp….you right
look the only way out, is to send all of canberra over to you guys
i know barry hass is going to be upset, but really we need our pollies right in the middle of the Pulse of this country
thank guys
i’ll put it into the suggestion box

harry

i blame sept 11
everything change since then
even murdoch
spat the dummy and left adelaide to fight for the american way
i think we’ve doomed Dr X

hb

hi kerwyn
you are totally right…..there are always opportunities..because there are always winners and losers.
i’m impressed on how you make a 20-25k profit on a quick makeover.
how long does it take you to do these quick makeovers?
do you take into account your time spent on project?
surely it would be quite time consuming?
harry

Dazz
your absolutely right
six months ago i tripped thru port headland, karratha, kalgoolie on an exec trip and i’ll tell ya….you guys know how to drill holes…..great big big holes.
but the latte’s…….SH*T
and my suit…..still trying to get the dirt marks out.
its good that you guys are the only ones making money for australia, cause without ya, well us city folk in the east couldn’t spend our time make more tax laws (you know we’ve added another 7,000 pages since 1997….
and we wouldn’t have as many latte shops around….
and we couldn’t keep building those beautiful shopping centres.
you might think just shuffling some paper around an office is trival work, but someone has to do it…..at $100,000 a year.
well one need’s that sort of pay….do you know how much a latte is?
$4.
and parking?
a mortgage.
you guys don’t know how lucky you are!
its tuff here in the city.

another latte please….not so strong this time…dash more milk…and a itchy bit more sugar

harry