Chan & Naylor Accountants

Yes. My name is Mike from Melbourne. I have heard of them as well and how quite a few educators have raved about them. I attended one of Chan and Naylor's seminar whereby they claim to have the best product (Property investing Trust Deed) in the market but i am keen to know if anyone else have used or set one up with them?? One business aspect that i didn't like about C&N firm is that they wanted to charge me $600 upfront first,without knowing if they can genuinely help me with my structure, tax or what i want. This does not make sense to me. If they can help me, I'm quite happy to pay that amount. Even twice the amount if they are as good as they claim they are. But not pay first, then we'll find out if we can help you or not?? Any feedback or comments from anyone who's used this people in Melbourne before?? Ladies and Gents??

I am also setting up a Property Investor trust with a Company as Trustee through C & N. I have been finding it difficult so far as i am from Western Australia. Was first introduced to this trust setup at a seminar in Perth in May, it sounded too good to be true! I have had my accountant try to get some information out of them about the trust and also tried to get information myself I was sent a Companion to the Trust which gave good info but was limited. I tried to get a quick 5 minute chat to see if I was heading in the right direction as a property I have had my eyes on for some time has come on the market, but could not even speak to someone till after the first week in the new finacial year. I am hoping that this will all be functional by early in the week and am hoping the trust comes with a hand book on best practices???  because they will not be set up here in the West till later this year and I will be running  the trust through my acccountant.  Will keep you posted.

I think sometimes those accountants & lawyers frequently mentioned in forums such as this are not more knowledgeable or provide better services than those who don't advertise as much. C & N will charge you by the minutes at high rate, so make sure you have a deep pocket.

Hello;

Just about to take the leap into property investing and would be interesting in any info on this property trust deed as I have heard so many ways to set things up – company in trust , trust in company, wifes name only, family discretionary trust. We have what would be considered high risk business (PI insurers think so). So the only thing I know is that MY NAME can't be on it! 

I already have very good accountant who has written books on property & shares who doesnt like the sound  of it but admits he doesn't know much about  this property Trust deed.

I rang these guys 3 times and spoke to their new accounts person. Never returned my phone calls. The 3rd time the secretary was pretty rude about me asking why I wasn't getting any calls back.

If this is how they run their front end, I think I'll give them a miss.

I heard they were good, but I guess they market the best with seminars, etc.

Josh

Recently this thread was brought to our attention and based on several false or misleading comments we have provided here a factual summary of Chan & Naylor and our Property Investor Trust Deed.

1. Firstly the Property Investor Trust Deed was designed by us only for use with Property and has several other features. For example, it was important that our Deeds did not vest like other Trust Deeds which cease after 80 years creating Capital Gains Tax and Stamp Duty issues for the children or Grandchildren. Another added feature is the ability to keep the assets within the bloodline protecting against divorce. The ability to split the trust assets allows the children to separate assets into their own Trusts with no stamp duty or CGT consequences should they decide to take the assets into their own Trusts. There are many more differences and a basic description of this trust is available on the following link – Property Investor Trust™ Deed

2. Regarding our costs – our initial 2 hour consultation costs $395. The purpose of this consultation is to provide clients with solutions for structuring of their current assets, a future plan of how to move forward and advice on various accounting and taxation matters relating to their situation. Due to the current demand we are booked out for approximately 2 months. $550 may have been quoted for this consultation where a person needs priority to get in early or their consultation time requires more than the usual 2 hours. This rate is less than our normal hourly rate of $275 and is a discounted introductory consultation. Also we provide a money back guarantee – if the client considers the consultation not worth the time or money we would gladly refund. The reason we charge upfront is we are getting 30 new client calls per day and the volume of new clients wanting an appointment with us simply meant it was easier to maintain order and reduce our administration burden by collecting the money upfront, eliminating the need to chase collection of fees. It also ensured fewer cancellations of appointments etc. It’s not unusual to pay for a seminar or a workshop upfront to secure a seat.

3. Furthermore we do not charge by the minute but provide our clients with a guarantee and FREE 5 minute phone calls. This information is available in the document Why Use Chan & Naylor and our detailed Price List. All of which is available freely on our website http://www.chan-naylor.com.au under Forms.

4. The link to the Somersoft website forum, posted by Calses405 occurred in Feb 2006. This link was initiated by Nicholas Moustacas (forum alias NickM) an accountant and principal of Strategic Wealth Management who specialise in trusts. Also Dale Gatherum-Goss (DaleGG), another accountant who also specialises in trusts made comment. Other negative comments about Chan & Naylor and our trust deed were made by Chris Batten, a tax consultant from whom we use to buy trust deeds from and no longer do. Our Lawyers have provided a rebuttal to Chris Batten’s criticisms of our Trust Deeds (click here to read). We do not understand their criticism, perhaps it’s because our Trust Deed is not made available outside the Chan & Naylor Group (our Joint Venture Partners and Certified Licensee have paid a Licence Fee to be the exclusive distributors of our Trust Deeds and other Chan & Naylor products and service, we have a legal obligation to honour our contracts with them). Chan & Naylor have nothing against the above mentioned people or their businesses; we respect all of our peers including all mentioned and always speak highly of other professionals.

5. Cales405 wrote “Chan & Naylor seem a little deceiving from this post on the Somersoft forum.” This statement is not true, as I personally posted an explanation on that thread, with an explanation from our lawyers who drew up our Trust Deeds and left my direct email address should anyone have any questions. We have written articles, spoken at seminars and even included in the new version of our tax book a more detailed explanation of the Property Investor Trust™ Deed and how it works. This is not deceiving – I think we are as overt as a firm can get without actually teaching another accounting firm how to do a tax return on our trust.

6. There were several mentions of being frustrated at getting in to see Chan & Naylor. Currently our “front end service” is bottlenecked. We have some 30 odd enquiries a day from new and prospective clients. Even with offices in Pymble (NSW), Parramatta (NSW), and Melbourne have not relieved the pressure. We are in the process of opening up 3 more offices in Perth (WA), Norwest (NSW) and Central Coast (NSW) which we hope will assist in relieving the pressure. Offices in the Gold Coast and Brisbane are in the pipeline. The unprecedented demand due to popularity of our 3 books and our “Wealth for Life Plan” has created these bottlenecks. Our challenge, of course, is building the business quick enough and finding like minded accountants and training them on our systems and processes. By December 2007 we will have established offices in every State and will be able to better handle the demand – until then I ask that for those of you wanting to use our services, please be patient with us. Alternatively Nicholas Moustacas and Dale Gatherum-Goss are other accountants who offer investors advice in this area.

I hope this has clarified the matter and puts an end to any rumours about our services and products. Should you have any queries regarding the above, please feel free to email me directly at [email protected]

Regards

Tony Melvin

Managing Director

Chan & Naylor Australia

My recommendation: Stay away from Chan & Naylor. An accountant now in their Norwest office lost all of my investment.  I won a court case against the "company" he operated (and hides behind) over 3 years ago and still have not received a cent from him. At the date of writing this post, an ongoing investigation into his dealings for over 2 years has been frustrated by his delays in responding to questions. Ask yourself this question, what sort of accountant is unable to provide accounts of his dealings? This is a person Chan and Naylor have recruited, so I question the level of competence of that company.

CHAN & NAYLOR "PROPERTY INVESTORS TRUST®" (PIT®) Achieves ATO Product Ruling PR2011/15

<moderator: this post was too much like advertising and has been deleted.  Because people periodically ask about PIT's I've left the heading so people can look up the ruling if they wish>

Chan & Naylor was experiencing unprecedented growth in and around 2007 when Sal Arcuri approached us to become a Joint Venture Partner in the Norwest area.

After establishing Chan & Naylor Norwest we were experiencing many client complaints about his lack of service. After extensive attempts to further train and counsel/help him we formally ceased our relationship with him around 2008 and asked him to remove all reference to Chan & Naylor.

He refused and continued to falsely trade under Chan & Naylor Norwest.

After many attempts were made through our Solicitor, but all to no avail, we finally started Court Proceedings against Mr Arcuri in March 2010 and finally won the case and a Court Judgement was issued on 7th October 2011 that required Mr Arcuri to cease trading under Chan & Naylor Norwest.

We apologise to anyone who have been wronged by him but we took every step possible to stop him continuing to use our name but the legal process took many months to finalise.

Regards,

Ed Chan

SIGN ME UP :p

Sounds too good to be true. Any legal opinions here?