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  • Profile photo of RodsterRodster
    Member
    @rodster
    Join Date: 2003
    Post Count: 6
    August 18, 2004 - 1:18 am

    Guys

    Here is a decent write up on Russell Island
    http://www.nup.info/redland/russellisland.htm

    By the time you read quotes such as:

    *There are no plans by present authorities to allow the construction of a bridge to any of the Islands. The bridge issue is as old as the land scam and the subject is raised regularly but no body seems to have the money or ability to actually construct it.

    ** Privately owned properties have reduced to about 15,000 as many owners have forfeited their “valueless” land back to the Council.

    *** If you are considering a home on the Islands or purchasing as an investment please be cautious. It is advisable to visit the Island and have a good look around first, talk to local residents. It is a great home for some people but sometimes it’s the little unforeseen things that make Island living unacceptable for other people ……. Like the mozzies, midges and sand flies! But they were here first.

    Scary if you ask me from an investors point

    cheers

    Angelo [cap]

    Profile photo of RodsterRodster
    Member
    @rodster
    Join Date: 2003
    Post Count: 6
    November 12, 2003 - 11:58 pm

    Thanks Everyone for their input.

    I have almost finished reading N E Rentons book Family Trusts and it has made things much more clearer coupled with the posts on this chat forum so thanks to all who replied.

    quote:

    does anyone know what tax rate a trust company runs on cheers.


    Rod is correct – the trust does not pay tax but has to lodge an annual tax return showing the income acquired for the year. The liability of tax on income derived by a trust is levied on the beneficiaries who have recieved income from the trust and they are then individually taxed according to their own marginal tax rate. Having said that if income is earnt but none distributed to beneficiaries then the trustee is liable to pay tax as they are an agent for the trust estate. If this a comapny is the trustee then this is limited to 30% etc.

    Profile photo of RodsterRodster
    Member
    @rodster
    Join Date: 2003
    Post Count: 6
    November 12, 2003 - 6:46 am

    Thanks Leigh

    You have confirmed what I was thought was the way it works so really apreciate it. I feel sorry for your dinner guests [:D] if they have to sit through understanding trusts whilst having dinner.
    I’ll look into getting trust magic as Rentons book Family Trusts claims to be written as a plain english guide but it is slightly outdated and I find it heavey reading.

    One more question if I may Leigh:
    in regards to ensuring the trust deed and company documents clearly identify the trust relationship – who does this accountant or conveyancer ? I would guess the convayncer would. I think the conveyancer needs to lodge a “delcaration of trust” along with certificate of title to the land titles office.


    Chris thanks for the tip on Chris battens site I’ll check it out and Deacons lawyers because I need to ensure the trust deed and company docs clearly outline the relationship.

    thanks guys

    Angelo

    Profile photo of RodsterRodster
    Member
    @rodster
    Join Date: 2003
    Post Count: 6
    November 12, 2003 - 5:57 am

    Hi Erika

    Thanks I actually did purchase waelth guradian and thats who/why I setup the trust under a corporate trustee etc.

    It gives you an excellent overview and conceptual understanding of why you need a trust structure and whats involved in setting one up but does not go into the nitty gritty of the actual transaction. Actually I might give Steve some feedback on that.

    When my bank and vendor realestate agent ask me what name I want the property in I told them the The X Family trust only to be told later by my conveyancer that I cannot do this and it needs to be in the company name which scares me as Paul Harper and Steve McKnight in Waelth Guardian CD state not to have any asets in a company name so it gets all confusing.

    Add to this my accountant Uhms and Ahhs when I ask him it does not do too much for my confidence. I have as I type in my hands N E Rentons book called Family trusts and am reading it to understand this better.

    Anyhow its all good fun and experience in the end but costly so I don’t want to make mistakes. Cost me $3300 to setup the company and trust in Sydney so not cheap !

    RODSTER

    Profile photo of RodsterRodster
    Member
    @rodster
    Join Date: 2003
    Post Count: 6
    November 11, 2003 - 11:30 pm

    Guys

    Went and saw the Danny and Paul Hanna last night in Sydney.

    Well worth the $65 it cost. They know this which is why they the offer a genuine money back guarantee if your not satisfied.

    Reinforces alot of good points plus opens your eyes how to get into property development as well property investment.

    By the way I spoke to Paul Hanna at the end briefly and he mentioned this might be their last year of doing Seminars as they are tired and want to focus on their own investments more. They are honest and up front about everything they do which is quite rare.

    [:D]

    Hope this helps

    RODSTER

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