Accountant is out of state for the week and I had some questions in regards to trusts. A little background information:
– Consultant with multiple streams and yearly intake of $250-350k
– Trust hasn’t been set up yet, looking into best options to use revenue from consulting to fund property investment scheme for tax advantages
– Recent transition from 457 to PR and am able to now form a company
– No personal propertyAnyone in a similar contract role and have experience to share? Which strategies should I look into for tax benefits? Most of the guys I work with always give me the “my wife handles it” brush off when I ask about their setup. Any links to further reading or information would be greatly appreciated
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This topic was modified 10 years, 2 months ago by
Krammer.
– are you working out of home/ rental. Claim office expenses, car expenses all that jazz.
– trust should be setup so it owns shares in the company. If you currently earns 250-350k on individual tax. You are paying to much.
If you anticipate earning regular that amount 250k-350k. Might be better to structure it so
Once you set up the trust owns shares in the company and well as your company owning some shares / so your can rollover profits back into the business. 180k ish should be your distribution from discretionary trust to personal every tax year. Or less really depends on how much money you need per year to live.And if you do have a wife, speak to a capable financial accountant. (This means someone who is going to charge you after the first initial meeting for advice or even the first meeting: if they cost , usually a indication the advice is worth it)
Accountant is out of state for the week and I had some questions in regards to trusts. A little background information:
– Consultant with multiple streams and yearly intake of $250-350k
– Trust hasn’t been set up yet, looking into best options to use revenue from consulting to fund property investment scheme for tax advantages
– Recent transition from 457 to PR and am able to now form a company
– No personal propertyAnyone in a similar contract role and have experience to share? Which strategies should I look into for tax benefits? Most of the guys I work with always give me the “my wife handles it” brush off when I ask about their setup. Any links to further reading or information would be greatly appreciated
I specialise in trusts – what are your questions?
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 Terry,
Does the trust sound like the best option for my situation? If I drop a client and fall below the 80/20 what are the implications? This structure optimal to purchase rentals with the funds derived from my consulting?
Impossible to comment on info supplied.
It depends…
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
What info do you need?
What info do you need?
What are you trying to achieve?
Why do you want to consider a trust?
What do you expect the trust to hold and/or do?for starters
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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This topic was modified 10 years, 2 months ago by
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