…for those who might remember I was looking at putting up two town houses in Seacombe gardens, glad to report that both houses are a few weeks from construction and things seem to be on track. I am however thinking of selling both properties, raising enough capital to be freehold on my city town house whilst still having two other investment properties.
The question I want to raise here is the use of tax lawyers and whether any on the forum utilises them. I am about to obtain the services of a tax lawyer to help maximise my tax opportunities (doesn’t come cheap $400 PH) and wondered if any one else has gone down this path and found it really useful.
I have to go out for a few hours so will respond when I get back.
Cheers [
]Well I am quite surprised at the lack of response to my earlier question today re taxation lawyers and the benefits of using them. It has been suggested to me that rather than utilising a financial advisor it may well be more valuable in the long run to utilise a tax lawyer that has the expertise on how best to not just minimise tax as an objective in itself but rather how to maximise our ‘after tax returns’It may well have been already discussed to death on this forum, in which case apologies for bringing it up.
cheers and happy hunting
dosser
Hi dosser,
why do you intend to use a tax lawyer rather than a tax accountant?
From my readings on this, and the Somersoft forum, other forumites haven’t mentioned using lawyers except for conveyancing. There are lots of resources about structuring your finance if you do a search.
What about Steve’s ‘Wealth Guardian’, or visit http://www.chrisbatten.com.au.Also, do you have to sell the townhouses? Is it possible to draw on your new equity to help pay off your PPOR?
Email me if you have a question.Terry
[email protected]Terence McMahon
HomeWin
FinanceHi dosser,
Saskatoon is right – it’s probably cheaper but equally as effective to use a good tax accountant than a tax lawyer.
Tax lawyers are usually only used by high net worth individuals (net assets of over $1m) and bigger companies. While they will no doubt provide an excellent service, the question is whether their services are cost effective, having regard to the potential tax exposure you are facing.
While some may disagree with me, I don’t think many financial planners are on top of tax issues enough to be able to give you specific tax structuring advice. Taxation is an extremely complex area of practice, and you really need to be doing it on a daily basis to get a good grasp of how things stand and new developments.
Cheers
MI would NEVER use a financial planner for tax advice! I would only use a CA or CPA (accountant).
Just my advice.
CFP’s (financial planners) only do one subject/topic of study on tax – not enough education.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auHi Dosser,
I’ve been on holidays for the week, so haven’t been able to get near the www.
Tax Lawyers – yeah – ditto from what the others say. I hear David Abrahm (CPA – Adelaide) is good and understands what we are on about. E-mail me for details or look it up in the whitepages.
BTW – Seacombe Gardens – are your townhouses the ones on Seacombe Road?
Cheers,
Marco
wenzel at mbox.com.auQuote:Hi Dosser,I’ve been on holidays for the week, so haven’t been able to get near the www.
Tax Lawyers – yeah – ditto from what the others say. I hear David Abrahm (CPA – Adelaide) is good and understands what we are on about. E-mail me for details or look it up in the whitepages.
BTW – Seacombe Gardens – are your townhouses the ones on Seacombe Road?
Cheers,
Marco
wenzel at mbox.com.auHi Marco well I think there are a few places on Seacombe road but yes I have built on the corner of Gerogeri and Seacombe gardens.
The reason I am going to a tax lawyer ( i do already have an accountant) is that this Tax lawyer in particular is excellent at working with investors and comes highly recommended. An investor friend of mine stated that he had found the tax lawyer far more effective and had saved him far more money than any accountant he had been to. In particular around the area of super and setting up companies.
Hi Dosser,
If he’s been recommended to you, try him out. Our accountant is expensive, but you pay for what you get. Our last accountant was happy for us to pay a small fortune in tax, when we couldn’t even make ends meet [
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What’s good advice worth to you?
Cheers
Sooshie []“small steps make the journey” (SAS)
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