Hi
there has been some active debate about how to purchase – own name vs trust, seems trust is winning but good team members seem to be as elusive as positive properties!!!!!!!!!!!
any suggestions?
There is no right or wrong way.
you have to decide if a trust is for you anyway. AND WHY?I spoke with my accountant, he said dont bother. I only have me to worry about, no one else so trying to split incomes etc is not an option for me. Trying to protect my assets well why? from whom?
It isnt always necessary. If I had a partner that might be different, If I had a pile of kids maybe? But they also (ATO ) look at the who and why and how income is split etc and you know they can do lots of wonderful things to you too….
Just ask yourself why you need a trust?
Is there a benefit to this and why?
Are you ok with all the costs and and tax implications?Ask yourself the same if you retain the income in a company or if you use a unti trust to control a discretionary trust and maybe throw in the company along the way as controler….it isnt that simple.
If a discretion. trust then I am told there is no land tax threshold, so you pay from day dot land tax. At the moment I dont exceed any state land tax thresholds…
Seek legal and accountant advice as to your situation.
cheers elves
” a blind man may see what a sighted man may not”
Hi Elves
yes our situation is different husband, kids, dog!
the tax agents told me today as of this month they cannot act as financial advisors any more but, he did say if we want to use investment expenses to reduce personal tax liability – we cannot if we use a trust – any thoughts?thanks
cant tell you, cause i really dont know enough on that side of things.
others might, cause i dont have a trust and what my accountant today said, well it wont do me any good, so….I dont know about expenses, I just assumed the trust took care of income and expenses, and if you had the trust set up according to structure, then you either distributed income or you left it there…so it has the chance of minimising your taxation, by not distributing (dont work this way with unti trust)
ok others feel free to help out, cause this is not my area of expertise.
elves
” a blind man may see what a sighted man may not”
You must be logged in to reply to this topic. If you don't have an account, you can register here.
