Forum Replies Created
- RickH wrote:i must have been black listed after defecting to another company ……..
It's astonoshing to think that you're a paid up member yet you haven't received any correspondence of any sort. I never personally dealt with MyUSAProperty. I tend to forget the people who say they're going to do something and then never follow through with it!
I'm unsure of your situation Rick but I bet you are like me and have a somewhat negative approach towards 'buyers agencies' or whatever they call themselves. It's sad because even though I am a hands on investor and I do like to get in to the nitty gritty of it all, there's times when I need to focus on my day job. It sucks for the guys who are out there who do have the knowledge, who are providing a service and delivering what they promise yet there is all these 'Spruikers' who are deminishing the good buyer's agents. The kinds of one's that I would personally engage!
As we all know, it happens in all industries… domestic real estate especially. How many stories of people who you know personally or through friends who have been taken for a ride on property bought in Australia?
I received an email update from the recently formed USPSA (US Property Sales Australia Pty Ltd) advising that the Licensee of My USA Property (Australia) is currently at the end of a Licensed Agreement to market US property for all of Australia, and, through mutual agreement with the CEO of My USA Property, has agreed not to renew the Licensee agreement for a further term.
It then went on to say…
Through an Australian restructure, all Australian staff who worked under this agreement have now been terminated by the licensee and most of these staff have accepted an offer posed by US Property Sales Australia Pty Ltd (USPSA) in conjunction with International Portfolio Group, LLC to continue to service their personal clients.
I am guessing a lot of existing clients and website subscribers received this same email. I am interested to know from others what this means for their existing clientele?
sapphire101 wrote:Also with the W-7, if you tick the boxes 'a' and 'h' – you will need to include documentation of the LLC's operating agreement which in turn must include the EIN in it's content, along with the usual details of those involved in the company and the procedure under which the LLC is operating.You will need to add at 'h'
Exception 1a – Partnership Interest.
One other tricky aspect is finding out the 'Treaty Article Number' – It is either a 2 digit number or a 3 digit code. I thought I had it at '28' but after a visit to the IRS I will have to check that again via the IRS website. They arent very helpful at giving specifics unless its procedural, but are great at placing doubt in your mind.Ian
http://theblockblog.com
Free Property Investment Info, Tools & Resources for Investors with a Sense of Humour.Hi Ian,
You can view the income tax treaty between United States and Australia at http://www.irs.gov/pub/irs-trty/aus.pdf
Page 1 shows the 'Table or Articles' and you will see Article 6……………………………Income from Real Property
Therefore on the W-7 for you would enter:
Additional information for a and f: Enter treaty country: Australia and treaty article number: 6Hey Guys
Honestly, I had to post this even if it does come across as 'negative' or 'argumentive'.
Let's all think back to when we first started working and when we all had to lodge our first tax return. Some of us may have done it using a public practice, others may have used a CPA who was recommended by family or friends and others may have done it themselves via the ATO's website. I am sure some didn't file any return! Now, how many of us ever paid a 'registration' fee just to get talking to your accountant for the first time?
Honestly, this is getting beyond ridiculous. I understand the concept of making money and I am a firm believer in getting what you pay for however what I am seeing now in these forums and through my own independent research is a select number of "Professionals" taking advantage of people.
Even if your accountant charges say $250 per hour… why am I seeing Aussie accountancy firms charging $350 + to submit a W-7 application for an International Tax Identification Number? It takes all of 15 minutes to fill out.
Registering an LLC in America would have to be one of the easiest forms I have filled out in my lifetime. As is the EIN (Employee Identification Number) and so forth. I'm the type of guy who would most likely pay somebody to do this for me if I can see the overall value in it however when somebody is charging me more than 40% of their normal hourly rate for something that takes them no more than 15 minutes than of course I am going to ask questions!
I am speaking generally because of course there are more complex situations where you cannot do it all on your own however do your due dilligence first and make sure your not getting taken advantage of… it seems to me that there is a select number of Aussie based accountants who do understand the US tax system (some even US registered tax agents) however are charging what I see as 'over the top' rates.
Interested to know anybody else's experiences on this topic and if you think my comments are fair or 'out of school'?
