Getting set up before investing in our first ip.

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janinewool
Member
@janinewool
Join Date: 2012
Post Count: 17
April 26, 2012 - 7:04 am
Boy Terryw you have it worked out. Any chance that you know any good accountants in Melbourne's east that I could see.
Cheers
Janine
janinewool
Member
@janinewool
Join Date: 2012
Post Count: 17
April 28, 2012 - 5:50 am
Jamie M wrote:
No worries Janine – I'll be back in the country mid week.
Cheers
Jamie
Hi Jamie
I have emailed you for some information.
Cheers
Janine
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
April 28, 2012 - 8:51 am
No worries – will contact you on Monday. Have a good weekend.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
April 28, 2012 - 2:38 pm
janinewool wrote:
Boy Terryw you have it worked out. Any chance that you know any good accountants in Melbourne's east that I could see.
Cheers
Janine
There is House of Wealth. James. A google should bring up the contact details.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
janinewool
Member
@janinewool
Join Date: 2012
Post Count: 17
April 29, 2012 - 12:45 am
Terryw wrote:
janinewool wrote:
Boy Terryw you have it worked out. Any chance that you know any good accountants in Melbourne's east that I could see.
Cheers
Janine
There is House of Wealth. James. A google should bring up the contact details.
Thanks terryw, I will check them out.
luke86
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@luke86
Join Date: 2010
Post Count: 470
April 29, 2012 - 4:05 am
I understand there are structures where you gift money to a trust (the value of the house) and then the trust loans you back the money to pay for the house and takes a first or second mortgage over the property so there is effectively no equity in your PPOR. In the event of bankruptancy or being sued, there is no equity in the PPOR and so no assets to sue for.
I would be seting up discretionary trusts or some other appropriate structure now if I were you and not waiting for 10 years down the track when you have $10m of equity/assets before realizing you have a tax, asset protecting and succession planning problem.
Cheers,
Luke
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
April 29, 2012 - 5:13 am
You have tO be careful with that strategy as the clawback provisions of the bankruptcy act could apply indefinitely. But I agree that it is an excellent strategy that could be implemented with care
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
luke86
Participant
@luke86
Join Date: 2010
Post Count: 470
April 29, 2012 - 11:04 am
Thanks Terry, I have really only heard people discussing it off hand but not heard a lawyer saying it can actually be done and that it works. I will look into it and get good advice when (or if) that time comes.
Cheers,
Luke