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Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
April 2, 2004 - 12:07 am
I think I get this now. You set the trust up and all family and relations get picked up under the general beneficiaries. As trustee though you may choose who if any to distrubute to. In practice, this could just be yourself.
Ian
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
April 1, 2004 - 2:26 am
Thanks Steve,
I’d like to add another ‘P’ if I may, similar to Passion, and that is Persistence.
To quote Calvin Coolidge:
“Nothing in the world can take the place of persistance.
Talent will not; nothing is more common than unsuccessful men with talent.
Genius will not; Unrewarded genius is almost a proverb.
Education will not; the world is full of educated derelicts.
Persistance and dermination alone are omnipotent”.
If have a purpose, and you’ve done your planning, persistance will see you through the times when the passion isn’t as high.
I think that when the passion fades, you have either lost sight of, or lost touch with the plan you started out with. Of course, if you don’t have a plan, it becomes a lot harder to keep going as you can’t measure yourself or know if you are going in the right direction.
Go back to your plan on a monthly or quarterly basis, adjust it if necessary (but don’t wimp out). It’s easier to keep going when your goals are in front of you. [rambo2]
I’ve just spent the last 2-3 years going round in circles because I lost sight of where I was going. I achieved most of my initial goals, but didn’t have any plan for what was next.
Looks like I found the waiting place (what are you doing to me Steve, now I’m buying Dr Seuss books and have ol’ Shape-o on top of my filing cabinet[rolleyesanim])
Well, a combination of taking a break from work, and a bit of thinking and I am now back underway with a new direction.
Ian
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
March 29, 2004 - 8:11 am
Originally posted by breakingout:
Hi Ian
we have been out and about several times a week. had a lovely day on the sunshine coast-saturday, beautiful very heavily negitive geared unit at caloundra – would be better for those in a higher tax bracket. Did see some units 2 of which we a seriously considering just waiting for replies from the all important team members, Also trying to find a good trust solicitor in Brisbane – any suggestions
Elizabeth
Elizabeth,
Would love to help but alas, I’m in Melbourne…
Perhaps some of the folks here from the sunshine state may have a few suggestions???
Have noticed in API mag this month a marked difference in capital gains with houses vs units. Is no-one building houses up there anymore??[smiling]
Ian
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
March 29, 2004 - 7:59 am
Alison,
Still learning here myself… but my understanding is that a trust is not a legal ‘entity’ for tax purposes and that tax benefits/liabilities flow through the structure to the beneficiaries who pay at their appropriate tax rate.
Any benefits retained by a trust are taxed at the top tax rate.
Places to start looking are Steve’s Wealth Guardian product and the book “Trust Magic” which has had numerous good reviews.
PS Folks, please jump in if I’ve just sent Alison in the wrong direction!!! [blush2]
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
March 29, 2004 - 7:53 am
Terry,
Point taken, thanks. I already have a company which was used when I was doing some consulting work. It is essentially mothballed at the moment (still have to do those pesky BAS forms though!).
I’ve thought about using this as the corporate trustee, but I believe that you should separate a trading business from the property side.
This would save 2K in having to wind up the current one and start a new one.
Need to trot off to the solicitor/accountant to find out whether I can leave the money currently in the company in there for investing or whether I need to dividend it out and start from zero.
Stupid question time, can beneficiaries only be family members?
eg if I want to start investing with a friend of mine (and I keep hearing partnerships are not the way to go) could we setup a trust together as joint appointers. He adds his family as beneficiaries and I add him as a director to my company?
Or is this just to messy and we setup a partnership between trusts. [wacko]
…(Exits stage left, on his way to see solicitor)…
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
March 26, 2004 - 10:47 am
As Steve says, to look at an area, you need to hop in the car and have a look. It gives you a chance to get a feel for the area, have a look in real estate windows and pick up the local paper in a newsagents.
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
March 11, 2004 - 8:39 am
I’ll be there. I get a chance to put some faces to names and invest in my education at the same time[]
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
March 8, 2004 - 1:43 pm
Recovery,
You could try this one…[]
http://www.govt.nz/en/search/topic-service-single-record/?urn=urn:nzgls-sn:100002:1000022
I think I’ve hit just about every local council in OZ over the last few hours compiling my list. Just about ready to start on NZ.
Ian
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
March 8, 2004 - 11:24 am
Also, on the topic of mailing out CD’s with the program, if you want to drop me a private email with a contact address, I’ll see what I can do.
Happy to make this one a freebie (as long as I don’t get buried in too many requests for CD’s.)[^]
Ian
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
March 8, 2004 - 11:19 am
1. I am in the process of upgrading the program to a database which will cater for AU & NZ.
Given that NZ don’t have states, this will be set to N/A. I will be including a coutry field. Though I will need help if there are variances in tax laws (undoubtedly).
2. Deductions doesn’t do anything yet. It is a work in progress (I should have hidden it as it is confusing a few people).
The memory buttons were going to be used to save various scenarios for a given property so you could flip-flop between them for comparisons. But as the next version will support multiple scenarios, they will propabbly be removed.
Buttons 1 and 2 at the moment will autogenerate data based on two of steve’s examples from his book.
3. The bank deposit section is to give you a comparison position. eg Assuming that you took the initial cash required, and just put it in a bank term deposit at say 3.5%. A ‘$ above bank rate’ value means that your property will make more money than if it was in a term deposit. It is just another ratio to consider along with CoCR.
4. Will do a time line (once I figure out out to do GDI+ graphics!) What specifically are you looking for? The repayment amount typically won’t move (interest rate changes excepted), are you looking for increased profit vs CPI??
5. Yup, only one council (VIC / Banyule) is coded in this version. The one I am working on has all Victorian local councils linked. I will eventually get to all of them, but cutting and pasting all the council names and web addresses takes a while.
The point of this was to be able to locate your property in a given council and be able to hotlink straight to that properties local council for specific information.
Stage 2 will be to hotlink to real estate agent pages local in that area.
Do you have addresses where I can find NZ local council links?
Thanks again for the feedback.
Ian
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
February 29, 2004 - 11:41 pm
Originally posted by Lucifer_au:
…snip…
Also can you put in a capitlisation tick box (as I get all my loan costs where possible). This could add to a saleable difference…
Lastly my help file executor has become corrupt so I couldn’t look up (or figure out) your ‘Deductions’ section, with the ‘memory’ (1,2,3,4,5 boxs) section, but I guess with the help file all would be explained.
Rgds.
Lucifer_au
1. Capitalisation tick box? The now immortal phase: “please explain?”; either in this forum or by private message and I’ll put it in.
2. Deductions are alas not yet configured. They (and the switch to a database format) will be in the next version in a couple of weeks.
Cheers,
ian
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
February 29, 2004 - 11:34 pm
My program is only 420Kb zipped, its the damn MS Frameworks [!] which are so big!
Ever seen a small service pack??
Apologies….
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
February 29, 2004 - 12:04 pm
Urgh, dialup…
Couldn’t go back there again, just too slow, ADSL is so more better [:p]
I know the 23 mb download is a pain, but it is a once off (required by any app written in MS .Net)
The version I am currently working on will have hooks into a bunch of websites, so from within the program you will just click a button to automatically search for property in a given town, or pull up the local council website.
Needless to say it will work best with broadband!
If nothing else, I am having fun writing it.
As to how to use it, hopefully it is self explanitory, but there is a helpfile available with this version. It is a bit brief, but its a starting point. This this is very much a work in progress.
Cheers,
Ian
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
February 29, 2004 - 5:05 am
All,
Well, I’ve had a few reads but no responses[]
Does this mean:
a. The program is of no interest?
b. It is of no use?
c. People have their own tools and don’t need it
d. It could be interesting, but is currently to limiting?
e. It looks interesting and they haven’t got around to commenting yet..
Seriously though, I am doing a bit of work on this and if I don’t get any interest on the forum, I will continue to develop it for my own use and learn about investing at the same time.
I have provided a new version on the website which has save & load capabilites and a help file as well as a number of links to various local council web sites.
I am releasing now as it is about to get a major overhaul and I want to release it while it is still reasonably stable.
Feedback as always (good, bad or indifferent) is welcome.
Ian
Ian McNab
Member
@ian-mcnab
Join Date: 2003
Post Count: 19
February 16, 2004 - 6:12 am
Oh, and also, all the usual disclaimers apply, I’m a programmer not an accountant. Please seek a second (qualified) opinion before doing anything this program may recommend.
PS: I am working on an update at the moment which includes payback periods and allows you to load and save.
If we get some interest, I will make it available.
Cheers,
Ian []