Search results

Usually I am not a political person as I know that they are all just saying what they need to get people to vote for them, but the new proposed internet censorship legislation is a bit concerning. Especially when the Minister is likening the legislation with Chinese censorship! All for...

I think a website for a prestige property is a good idea and that's what I would be doing if I was selling something substantial. It would definitely have to be more than just what re.com.au has to offer. I would put in a couple of videos - like the "virtual tours", but perhaps with...

Would this be caught under the anti avoidance provisions of the tax act, given that you are essentially setting up an arrangement with the sole or dominant purpose of obtaining a tax benefit? Just trying to think from an objective sense, why else would you: 1. give money to your dad, 2...

I don't know if they could just get rid of negative gearing. In my view, negative gearing is a natural extension of the way we are taxed, rather than a special arrangement applicable to property investing as such. You are allowed to deduct expenditure that goes towards making you an...

There is no iron clad asset protection - no formula as such. It is not a case of you do XXX and then your assets are protected. Asset protection is all about throwing up as many "hurdles" as possible so that whoever is trying to get at your assets will need to jump a whole lot of requirements...

You can go to any lawyers and/or accountant to get a trust set up. They usually cost around $800 - $1,500 for that. Alternatively you can set a trust up over the internet for about $300. Keep in mind however that if you want to buy properties inside your trust, you may not be able to get...

To increase asset protection and minimise land tax on the company, I have been informed I need to make up another discretionary trust. I am not sure how setting up another discretionary trust and/or another company acting as trustee would increase asset protection. There have been recent...

This is very common scenario. Most accountants would ensure that your overall tax rate is never over 30% if possible. This is usually just a paper distribution (the money is "lent back" to the trust) - so the money stays in the trust, just that the distribution is taxed at the company rate...

So in relation to GST, would you be able to claim that for a second hand car? Do they even charge GST for a second hand car?

For the sake of completeness (and a bit of protection) you might want to pass the APPOINTOR role onto the person whom you want to inherit the trust assets. The appointor is the person who has the power to hire and fire trustees. As you may be aware, assets in a trust are NOT part of the...

That doesn't matter in the eyes of the ATO - your parents may still need to pay CGT. Whether they will depends on if the property falls in any exemptions such as PPOR. There is also an exemption where they can sell the two hectares(?) of vacant land adjacant to their PPOR. The issues is whether...

Hi Ozperp Here is the section of the legislation that deals with spouses. As you can see it refers to de facto as defined in the Relationships Act. Keep in mind that's NSW, however I am sure it is similar in all states.

What you propose to do would be messy - from a financing point of view, legal ownership, tax, asset protection and estate planning. Under your current arrangement, your parents are LEGALLY entitled to the profits. It is likely that they would be taxed on the gains etc. Not sure whether you...

Baulkham Hills, Winston Hills and the older parts of Castle Hill?

Putting my tenant hat on: If I am living with two mates in an inner city house/townhouse, then I would want an ensuite. At least there is two bathrooms for 3 people, which is very convenient given that we may all want to get ready for work at the same time. If I have a family with 2 kids...

In NSW, as soon as she's lived with you, you're considered de facto, so no, she's not eligible. Not necessarily. The scheme states that a "spouse" has the same meaning as given in the Relationships Act as "de facto". Section 4 outlines the factors for determination: In determining whether...

Shouldn't you be concentrating on whether the business makes money first and how sustainable that income is?

Thanks WinstonWolfe I think it is because the valuations have tanked. I hear that they were getting around $450/m2 which means that even if you borrow 100% you are positively geared from day 1. As you said, I was worried about the demographic and whether I have missed the growth run - although...

Depends on what tax benefits you are talking about. In most of the cases where we did deferred purchases, we are sheltering the rent away from high marginal tax of the owners, high CGT later on (where they would not be able to get small business concessions CGT discounts) and higher stamp...

I hear from the grapevine that there are commercial properties in North Lakes here in Brisbane with yields of around 12%. Tenants are government departments with 3 x 3 x 3 options. Thought that was a good start, I investigated on the net but found nothing. Anyone else heard about this sort of...