Forum Replies Created
G'day
You are embarking on a venture that I suggest you need to do much more research into. Having an offshore company does not remove any tax obligation from you if you are the shareholder and director. There are ways around this using Bearer Bonds and specialist companies to operate your company. On this point I recommend you read books written by Lance Spicer (offfshore stuff) and/or N E Renton (trusts)
There is no advantage to buing in a company structure, but the real advantage is to use the comany as a trustee for a trust that buys and holds the property for you. If set up correctly you can access the 50% CGT benefits as individuals and with certain hybrid trusts you can also buy units in the trust that leads to your ability to claim negative gearing. On this point I recommend you contact Chan & Naylor (specialist property accountants – see their web site)
On a final point if you operate an overseas company and want to acquire property here then you must obtain Foreign INvestment Board approval. (see their website)
Hope this assists
Folks
Pay attention to how Neil Jenman operates – he himself is quite dodgy. He is setting up a network of agents who will use the Jenman system and they pay him a fee for it. He makes himself look good by rubbishing everybody else.
I know mCorp very well. I know Jason McGuiness who is the founder and director. He is a genuine likeable character. His company will not put anybody into a property that doesn't suit or that they cannot quite afford. They offer a buyers advocacy service and they charge a flat fee of a little over $5,500 — unlike others who charge a 2.5% commission. Jason does offer free seats to his two day workshop and trust me they are worth going to. I live in Canberra and have attended 3 of his weekend events in Melbourne so far.
To offer a balance I also like Michael Yardney of Metropole Projects. He has staretd a large group of companies and has a great understanding of the economy and demographics. He offers a buyers advocacy at 2.5%, but a client must first register and the registration fee is a flat $1100, irrespective of how many properties are acquired. The advantage is that after 2 properties the commission can be negotiated.
Hope this assists
