Accountants ???

Hi Andrew,

I’m off to Brampton Island today, but just before I go, here are my thoughts on your post:

Your write:

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1. The first and foremost is the asset protection of the investments. I have heard you and others all recommend looking at this process as a means to protecting your assets into the future. This would (as I see it) require a company to be set up and then trusts established as needs arise (per properties). I want to make sure I have an accountant who understands the type of transactions I am enterring into and will therefore recognise the most appropriate structure.

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OK, in this case I would use a solicitor I know in Qld who specialises in property law rather than an accountant. His name is Mark Game, but I don’t have his number on me. Pls e-mail me at the dedicated wrap library address and I’ll e-mail you the contact details as soon as I get back to Melbourne. If you want to get started sooner, call Brent in the office and ask him to get the number (tell him it’s at the back of my business card holder that should be int he top left drawer of my desk).

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2. The reason I specifically ask for someone who has Wrap familiarity is so they are an individual who is on my team of advisors and who is able to give me advice that is helpful and appropriate in regards to the legalities of structuring a wrap. You recommend having the best of advisors on your side. Thought that with all the very active wrappers on this site someone may have had a particularly good Accountant.

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I first met Mark after the intro event I did in Brisbane. He seems to know his wrap stuff and he’s actually the solicitor we used to handle our purchase of 21 units in Nambour recently. What impressed me particularly was his grip of the new requirements and how they can be worked with to get the best result for the investor.

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3. Someone to advise me on the best possible way to account for my wraps so they can complete my acounts quickly/easily and the paper work will suffice for any audit attention.

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OK – this is where I might be able to help you further. One of my jobs when I get back is to complete an admin module upgrade to the Wrap Library. David and I have just changed the software we use to account for our wraps to a much better producted produced by Darlop Pty Ltd called WAMM.

This is an all-inclusive product that eliminates the need to use Home Loan Analyser, which worked OK but was a bit confusing and disjointed.

I hope to have something ready by the middle of July.

All right, I’m off to Brampton Island [8D]!

Bye,

Steve McKnight