Needing advice re; setting up a company and family trust for asset protection and tax effectivness.
I have 3 properties so far, would like to get more, as you do…
1. Residential home.
2. Brand new house and land package, neg geared and tax depreciating affective.(still being built, not to settle until turn key completion)
3 .Cheap outright owned house in W.A. remote mining town.
Am looking at buying 2 more pos geared houses in the same mining town with leverage from the outright owned house.
Should I do the set ups first before puchasing more property?How easy and costly is it to do?Do I really need to?Does anyone know a good pro to help with the set up?I live in 2hrs north of Brisbane.Thanx+cheers!you should definitely set up before signing contracts or stamp duty will apply when you change over.
It is very easy to set up a company and trust yourself, but maybe easy to stuff things up too so it may be wise to get some advice. e.g. putting a spouse as settlor of the trust would mean they could never be a beneficiary. One of my clients put his son as settlor, so even when the dad dies, the son cannot benefit from the trust!.
Companies can be set up for free by filling in the forms as ASIC and paying the fee – $400. If an accountant does it for you it will cost about $500 plus the ASIC fee.
Trusts can be purchased for as little as $178+ on the internet, but an accountant may charge you $1000. Stamp duty may be payable, but QLD is one state with no stamp duty so you are lucky there.
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
Thanx for that help…I feel its worth getting pro advice rather than risking faults for saving small $'s in the important initial set up.
I have contacted a group I found on the forum in Maroochydore QLD near me. Active Finacial Answers.
They have quoted $300 per hour rate for their services. Is this standard for sound advice or too expensive?
Also if applicable for any needed extra forum imfo in relation to Co.'s and Trusts, in my last posting I didnt mention I have a defacto partner (works part time for a company on $44 000 p/a wage) Mother of our 3 kids.13,10, 4yrs old.
I work full time for a company on about $88 000p/a.Thanx again!$300 per hour is pretty standard rates for an accounting firm, but usually they have a set price to set up a trust which includes some advice and the deed and the ABNs and TFNs. it could end up costing you are lot more paying by the hour.
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
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