Recent content by MasterInvestor

Mry, Just as an example: Say a company had $50,000 income. It then wants to get this to the shareholder which is the trust. The company can pay 30% tax on the income which will be about $15,000. Then left over is $35,000. Can this $35,000 be given to the trust as a franked dividend...

Thank you for replies. Would it be possible to change the distribution from the company from an unfranked dividends to a franked dividend. I really have made a mistake with this. ie do an amended tax return. Then the company would pay the tax owning and the individuals would be able to...

Thanks very much Mry. What effect do you think this will have on the trust income in this case? I appreciate your help

This is acutally for a tax return already lodged and I have actually been caught out because I thought the dividend was a deduction to the company. Now I have been assessed at 30% tax on $50k. I don't know how this will effect the trust income now. Is there any solution? It has been an...

I have a company with the shares of the company owned by my discretionary trust. The company has made a profit of about $50,000. The trust also has some losses from a negatively geared property. How do I get the profit from the company to the trust. I thought I would pay an unfranked...

Hi My mum owns a property with her father as Joint Tenants. This means that when my grandfather dies the property will go straight to my mum. What will happen with the loan. Will the bank just change the loan over to my mum, or will they want her to reapply and qualify again. I ask as my...

Hello Could someone please help me work out what I should do on this? I set up a new discretionary trust and purchased land and then egaged a builder to build a house for me. The trust isn't registered GST because I was going to keep the property. I am the trustee of the trust and it has...

Thanks for your response Mry. With the loans, he is not planning to get a loan in the company that has been deregistered, but is setting up a new company and a new trust. I am just wondering if his credit file will show he has been a director of a company that has been deregistered, and the...

Hi there I have a friend (no its not me, really) who has many properties owned in a trust structure. He is slack in the area of paperwork, and forgot to pay the annual ASIC fees for the company registration. This company is the trustee of his trust which owns all his property. ASIC have now...

For those involved with trying to raise funds for property developments, please becareful. If you don't have a licence from ASIC, you could be breaking the law. See the following article: Unlicensed adviser gets 12 months Monday, 15 May, 2006 An unlicensed adviser who raised and...

I am currently overseas travelling. I still haven't got around to doing my tax, and went to the ATO site looking for the forms for an individual. It appears they have taken them down now, as lodgement was due back at the end of Oct last year. Woud anyone have saved a copy of the PDF file on...

Mry In that case, maybe a 'secretary' can also look after children - in addition to doing secretarial work. ;) MI

Hello I have a general query. Say I had built up my investments over the years within my discretionary trust. Then I retired, and went overseas to live for a few years (travelling etc). For taxation purposes I would probably be classed as a non resident. This would effect the amount of...

Darryl I am just wondering how retirement is treating you? Bored yet? Regards MI

What about teaching your art? You could advertise for students, maybe at a high rate. If you can't find many, then too bad. But be careful about running a business at a loss. You could also buy a property down there near the snow, so that should enable a few trips to be claimed. The...