All Topics / Legal & Accounting / What Structure?
Can any one please help me…. I have gone through all my books but they dont talk about structures can any one please guide me?
I am hoping to have a large portafolio by 30 year of age I so have 10 years to go , but i dont know whats the best structure. I dont have any properties yet, so I want to get it right from the start.
I was thinking about a Family trust, i dont really know why! lol
As far as I know, it could help protect the assets….Could this make it harder to borrow money from the bank or the other way around?Thanks you all for reading and for your help. You guys are always so helpful.[thumbsupanim]
Hi Swifteagle
I suggest you grab the following book: “How to Legally Reduce Your Tax” by Tony Melvin & Ed Chan.
It’s about $25 and it’s an excellent educational tool on structures.
good luck.
Cheers, Paul
Paul & Karen Dobson
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Phone: (02) 4984 9540Paul Dobson | Vendor Finance Institute
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Yes, you are heading in the right direction. Possibly start off with a trust, and as you progress you can add more layers.
Just read everything you can get your hands on concerning this topic.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hey. Good line of thinking. Definitely get your structure right before doing anything. Def read “How to Legally Reduce Your Tax” by Tony Melvin & Ed Chan. I read this about 2 weeks ago, and its gives some really good insights. And its written so any moron can understand it. (Well I got it)… [blink]
After I finished reading the book, I got on Google (AU) and searched all top 10 references for the 7 or so Trust structures outlined in the book. (Obviously the tax laws change rapidly) and was able to find a suitable trust quiet quickly. I was also suprised to hear you can start a trsut online, quickly and cheaply unders sites such as lawcentral.comFind out about a Discretionary trust and also about a corporate trustee.
Due Dilligence is important and I’m happy to see that you are doing it.Let me know if I can help.
CATA
Asset Protection Specialist
[email protected]Hi,
Interested in this discussion as I have just finished this book. We are about to jump into another property apart from our home which we jointly own so wonder if the trust is the way to go? We are DINKS with quite a tax problem at present due to our combined high incomes. any feedback greatly appreciated… and a good accountant in this area?
Thanks
Veraraverara which area are you in?
Richard Taylor
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Just wondering
Would any of the experienced Investors here buy a Cheap Trust deed off an internet advertised Law Firm or an on line company selling them?
I’m wondering; because I wouldn’t as I’d like to ensure the deedhad it’s i’s dotted and t’s crossed asI’ve heard of people not getting “exactly” waht they needed..then purchasing property through it and coming unstuck tax time..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorRedwing, I buy mine from http://www.lawcentral.com.au
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Richard,
We are in Sydney North Shore.
Thanks in advance
Hi Terrw,
Could not connect to this site mentioned?
Thanks
Verara, I can’t connect either. checked the address on google, it is correct, so the site must be temporarily down.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks terry, will check tomorrow.
If you know what you’re doing Terry (and you sound VERY Much like you do) it may be OK..but for a novice i’d suggest some caution when getting an on-line trust (I’ve heard of people not getting what they wish when it comes to trusts..) IMHO I wouldn’t use one(but thats just me)
all great until the end of the FY.
Scary Trust stories welcomed here ……………>
[biggrin]
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorRedwing, yes very true. I have seen one client with a hybrid trust, but the loan was in the wrong name – they didn’t know what they were doing, didn’t understand how the trust operated, and their broker didn’t either, so they got the loan in the wrong name. Don’t know how they ended up at tax time.
Also seen 3 clients who had purchased ppty 3 years prior using a unit trust and each holding a discretionary trust to hold their units. Would have been very expensive to set up. But the title of the property was in their individual names, not the corporate trustee. Their solicitor stuffed up, and they didn’t know, and had been lodging tax returns for 3 years as if the ppty was owned by the trust.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I should’ve added “Get a Mortgage Broker thats familiar with Trusts as well”..this acts as a double checking mechanism
IMO Many accountants and M / Brokers aren’t up to speed on the various Trusts and thier applications
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorCould not have said it better myself Redwing.
CATA
Asset Protection Specialist
[email protected]
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