Yes, that is a good point JJ
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 & JJ,
Terry, we have Trustee Company so property losses could be offset, right? Is it dangerous due to asset protection in the event of being sued?
I will speak to our accountant about what you have recommended.JJ, yes your concern is my concern and it was prior to setting up our trust. Our accountant informed us it would not be a problem
and Discretionary Family Trusts have never been tested in court . To avoid ATO's alienation of income concerns, he recommended purchasing property through the Trust and myself generating income by returning to work or developing another business venture. This way the Trust has more income sources.A trustee company means it is the trust that is conducting the business.
Yes very dangerous to have a business and a property in the same trust. I would advise against this as if the business is sued, you will lose the property.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
dreamteam wrote:Has anyone out there set up a Trust and discovered they could NOT borrow any more than as an individual?
I am finding it quite difficult to borrow in the name of my family trust, despite the trust paying significant distributions every year since 2004. I am finding it much easier to borrow either in my name or through my company. Most banks don't understand trusts and find it all too hard to lend to them.
Cheers
K
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