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  • Profile photo of OrionOrion
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    July 23, 2004 - 1:48 am

    Thanks all for yours reply and emails, but like suggested, I’ll talk to my accountant in a few weeks when I do my return. :)

    Orion

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    June 17, 2004 - 10:51 pm

    Mel,

    Can you explain a bit how this can be done?

    What allowed you to carry over your taxable income? Was is the sale of something, or the re-financing of something.

    Very interested. [biggrin]

    Kind Regards,

    Orion [evo]

    Originally posted by melbear:

    Don’t know if this will answer your question, but for FY 02/03 my taxable income was -$107K, so I can carry that forward to FY 03/04 and have to earn $113K before I will pay any tax at all[biggrin]

    Cheers
    Mel

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    June 8, 2004 - 1:44 am

    Terry,

    I was wondering where I can get such a contract?

    Is there an example of such a contract somewhere that I can download? Or do I have to get lawyers involved?

    I guess another option is to write it myself based on a home loan that I currently have, but would it be considered legal? [blink]

    Any advice/ideas would be greatly appriciated. [evo]

    Regards,

    Orion

    Originally posted by Terryw:

    You should draw up a legal contract for this, in case the ATO comes looking.

    Profile photo of OrionOrion
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    May 18, 2004 - 11:15 pm

    TerryW

    You have made my day. :)

    Thanks

    Orion

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    May 13, 2004 - 1:14 am

    Zimonya,

    Trust Magic deals only with trusts and Tax Battles although it does talk a bit about trusts covers other things like tenants and property development and how they impact on your tax. I would say that both are useful.

    If anyone is interested, I have a copy of ‘Tax Battles’ that I’ve read and I’m willing to pass on to anyone. If your interested just send me an e-mail.

    Unfortunatly I can’t comment on Wealth Guardian, because I haven’t read it.

    Hope the destinction between the books helps.

    Regards,

    Orion

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    February 17, 2004 - 12:04 am
    Originally posted by betterbiz:

    I’ve just re-read the post and the responses and since it doesn’t appear to be mentioned anywhere I guess it begs the question – why would you want your family home in trust in the first place? – asset protection (from creditors) only?

    Betterbiz,

    There are two things that I’m trying to follow up on from verious discussions.

    1) The ability of renting the family home. Which from various discussions/posts looks like you can; and

    2) Soon, we’ll be moving to another house and this house will become an investment property and I want to orgonise everything for that transition.

    Regards,

    Orion

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    February 16, 2004 - 7:17 am

    BetterBiz,

    Sorry if I wasn’t too clear about my last reply.

    I think you might be reading more in to my question then was originally intended. I have posted other questions recently that explain other aspects of my financial situation, but I was hoping to keep the questions separate and general in nature.

    I’ll explain here my fuller situation so that there is no confusion.

    I own a Hybrid Trust that has one negatively geared IP in it. This IP is negatively geared and I own the Special units from the Trust for the value of the IP.

    I also own a house that I live in, which is outside the Trust. My plan is to have the house that I live in also in the Trust.

    From various people and answers to this and other questions, I have concluded that it is possible to have the house that you occupy in the trust (and must pay the normal market rent) as long as you haven’t issued and own the units to that property.

    This further confirms what you have said in your reply.

    Hope this help. [:D]

    Orion
    [8D]

    Profile photo of OrionOrion
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    February 11, 2004 - 2:43 am

    Hello all,

    Thanks to all the people that have replied so far. From what I gather is that the ATO has no problem with the Hybrid Trust concept as long as the person who is living in the property which is being negatively geared is not a member of the Family who set up the Hybrid Trust in the first place.

    This in fact confirms one part of the questions that I had just posted so I will not ask any further question regarding it in this post. See other post.

    Furthermore, as TerryW said, don’t wave a red flag in front of the bull if you don’t need to so I don’t think I’ll be asking for a private ruling just yet. [:)]

    Kind regards,

    Orion
    [8D]

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    February 11, 2004 - 2:14 am

    Julian,

    The setting up of the trust cost me about $1000 (see http://www.chrisbatten.com.au). Since my original purchase, I’ve seen someone indicate that the trust should cost about $500, but I’ve never followed up who would sets it up.

    In addition, you need to pay about $200 for the stamp duty. The cost of the trust that I’ve indicated, is only if a person is the Trustee for that trust. If you want a company to be the trustee for the trust (this is the better way to do it, as if offers much better asset protection) then you will also need to set up a company which costs just under $1000. The company setup costs quite standard.

    I haven’t gone over the FY with my trust as yet, but I assume that the tax return costs will be similar to what I pay for my company costs (Note I’ve got a very simple Company because I’m self employed). This means that it will be about $200 or there abouts.

    Also the main difference between a Hybrid Trust and a normal Family trust is that with a Hybrid Trust you can negative gear your assets (property/shares) and in a Family trust you can’t.

    Hope this helps you Julian. [:D]

    Kind regards,

    Orion
    [8D]

    Profile photo of OrionOrion
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    January 19, 2004 - 12:45 am

    Hello,

    Thank you for your replies. :)

    I guess I should have also added the fact (you always things of things after you write the post) that in a couple of years we plan to rent the house out and move into another house and so I wanted the house to become ready to become an investment property.

    Thanks

    Kind reagrds,

    Chris

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