Recent content by kris

  1. K

    Trust Profit --> Cash Distribution Calculations

    Trust Net Profit was $2500 (as reported on eoy of year reports) Taxable CG was $500 (ie total CG was $1000) Tax deferred income was $100 Imputation credits $500 Perhaps its late and my brain isn't working well, though I would have thought the actual cash received is as follows: $2,500...
  2. K

    Family trust and franking credits

    Do you have any references to back this up? What about if you had a trust that had a small business and some shares. The shares received $1,000 fully franked dividend and the business made a loss of $500. Are you only allowed to distribute $500 profit and $214 franking credits, or can you...
  3. K

    Who pays the cost of company??

    The setup costs might have to be written off over 5 years rather then a straight deduction in the year its incurred.
  4. K

    Family trust and franking credits

    I think the best thing to do would be have Trust 1 distribute $1 of income plus all the franking credits to a beneficiary, so they get the tax advantage of the credits. Then transfer the balance of the income to Trust 2. (Provided a family trust election and interposed entity election have...
  5. K

    Family trust question

    It just means if you were to do the same thing but in a company rather then a trust, you would bring in $50,000 as a loan from you into the company. You can then withdraw that $50,000 whenever you like. However, the assessable income in the company which is the distributions plus any...
  6. K

    Family trust question

    Nope. Only the earnings and/or the capital gain on the withdrawal of the managed funds units is assesable income. The $50,000 given into the trust is shown as capital introduced. As far as pulling out the $75,000, that is fine even if you werent distributed the $25,000, as debit loans are...
  7. K

    deducting hecs possible ?

    It depends. http://www.ato.gov.au/individuals/content.asp?doc=/content/12115.htm&pc=001/002/008/013/001&mnu=&mfp=&st=&cy=1 As you can see HELP comes as 3 different parts, which are all lumped into your HELP debt (increases by CPI instead of interest and is repaid based on your taxable...
  8. K

    SMSF and borrowing for property

    Has there been any further developments with this legislation?
  9. K

    Commonwealth Protected Portfolio Loan

    Deepmarine, I had a look at those margin lending accounts but from memory you need $5k as an initial deposit. Perhaps I'm better off to just deposit money into a netsaver account until I have that initial deposit and then go in.
  10. K

    Commonwealth Protected Portfolio Loan

    You make some fantastic points there Alex. I guess I'll have to do some sums and work out the break even return on investment I require and if the shares in my theoretical portfolio would deliver that return. I don't really want to jump into property just yet, taking out $50,000 is one...
  11. K

    Commonwealth Protected Portfolio Loan

    Wow I just saw the following in their PDS. The minimum loan amount is $50,000.00 and the minimum amount for an individual share is $10,000.00. So I would have to take out 50k and have 5 shares of 10k. Looks closer to $150 per week of interest. Also, you are unable to repay principal off...
  12. K

    Commonwealth Protected Portfolio Loan

    Background: I am only 22 and have nothing but a $10,000 car I paid off while going to uni. I have started working full time and want to start building up some assets. I have about $300 a week spare after paying for petrol, food and other bills. Product: Commonwealth Protected Portfolio Loan ...
  13. K

    Should I just get another accountant?

    Just specifically mention in the email "give me a call" and specify the time frame which you'll be avaliable. One day turn around at this time of year is pretty good from an accountant, though since your paying the bill if your not satisfied then feel free to go somewhere else.
  14. K

    Help please

    After a bit of research I think you may be correct. This case seems to mimic the facts as described to me though with the decision as per your response...
  15. K

    Help please

    A previous poster said that you just apportion the expenses (including airfares) based on the portion of time that was for inspecting the rental property. However, from my understanding the following situations would hold true and contradict the opinion. Situation 1. Fly to rental property...
Back
Top