Recent content by Hillview

Nras Hi Godette, Short answer is you can include the offset in the variation and you will get the offset so long as the rental property meets the criteria for NRAS. HOWEVER it can be more than a little dangerous to claim the full amount if it is the first year as it will be apportioned on...

Change of ownership Hey Skater. All of above is right. Just looked at this for another client. It really does depend on what is in the current trading comp;any, and any good will which GST and CGT which might be payable on. As others have said, if its still in your head, get it set up from...

Stamping Notts, In WA, OSR will only name the trustees on the title anyway, however good to have the trustee on the contract if you wish distinct the trust as the owner. Electricity, water etc will be in the trust name also to back that up. I guess make sure you want it in a trust also.

E Super JUst realised the audit fee would be on top of that so probaby just as good to go with E Super. Offer still stands

Esuper I have never used it, but a financial planning friend has and said the reports that came out were pretty good, so happy to recommend them, especially at that price. The $699 would not cover property as that is a little more work, more from the compliance side than anything. My mate...

Super maximums Hi, The employer does not have to pay super on $500,000, the max super an employer has to pay is $40,170 per quarter for 2010, and increased in 2011. See the blurb: The maximum super contribution base is used to determine the maximum limit on any individual employee's...

Child tax Hi Alex, Never had a problem with Trust income, only bank account's/shares. I just wanted it stated that it can be taxed in the adult's name, and incorrectly stated that it would always be in the adult's name. Apologies for the incorrect statement but this is what happened last...

CHild savings tax Just watch out -as MRY has said, and the ATO link confirm, the child will be taxed if the money is truly theirs, and are very heavily taxed if you go over certain taxable income. Also Alex, yes they can receive trust distributions, taxed heavily again if if receiving too much...

Childs tax's Good point Terry....http://www.ato.gov.au/individuals/content.asp?doc=/content/11900.htm&page=3&H3

Minors Unfortunately children that age are not allowed to sign contracts etc, which is probably a good thing! Therefore the bank, or share etc will go in an adults name, and therefore the interest or dividend included in the adults Tax return.

Trusts Yes, and if they want to use the trust at all, it will be easier to use it when they can take advantage of CGT free period, and any asset protection they loose is only in the beginning period of the loan when equity is not that great, and afterwards they get full asset protection and...

Trusts Agreed - lets hope they do not need bankruptcy lawyers! ANyway, In the end I actually agree with all your comments, but also mine!

Agree and disagree Terry I agree that I have given a suggested setup without knowing the person and this is really dangerous and why posting here is dangerous. However I do disagree that Disc Trust's do not offer asset protection. With a corp trustee they can actually be very powerful asset...

SUper?? If they are not earning work income are they not open to using super as a deduction??

Distributing money to bucket company Hi Guys, Pretty good problem to have really. Just be wary that if you are operating from disc trust then distributing to a bucket company and not actually paying the money can be an issue from the ATO's point of view. They are right on this at the...