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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...

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...

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...

Hello This may be a silly questions, but........ If someone owns a property as Joint Tenants, and one partner dies, the property automatically goes to the survivor. It cannot be willed to anyone else. If the property was an investment, would the survivor have to pay CGT? And stamp...

Say, I had an IP with large equity and a PPOR with a large loan remaining. If I was to get a large cashbond with the purpose of increasing borrowing capacity, could I put the money from the bond (interest and principle) into my own home loan or into the offset account linked to the home loan. Or...

Hi I just received my copy of Kevin Young's (of investor club fame) new book. I must say it is rather disappointing, but one comment he made caused me to think. He states that if a property is purchased using a trust or company, then you are not able to increase the loan on this...

Hi Could one of the accountants on the board please clarrify a question for me. When a trust has a capital gain, is the 50% discount applied before or after distribution. If before, if could help with saving losses. eg. a person has a $100,000 capital loss. A $200,000 Capital gain...

I have been looking a becoming a Financial Planner, but am getting confused. Can anyone help? What do I need to do? I have seen courses for the diploma in Financial Services (Financial Planning) which can be completed within 8 days. It seems to easy! Would doing one of these courses enable...

Hi there I have recent submitted a loan to ANZ where the client had a hybrid discretionary trust with corporate trustee. The client wanted the loan in his personal name (to claim the interest personally), however the lenders mortgage insurer (PMI) has come back saying they will no longer...

hello One of my clients (I'm a mortgage broker) has received a newsletter mentioning "Bare Trusts". I have not previously heard of these: http://www.lawcentral.com.au/CreateDoc/createlink.asp?DocId=121 Apparently you can form one of these trusts, buy a property under the trustee's name...

One of the recent posts below gave me an idea. Say, Mr A had a large capital loss and had no prospects of offseting this with any capital gains in the future. This loss would just be carried forward year after year, essentially wasted. Mr B has a discretionary trust with a large potential...

Hi there I've had another potentially brilliant idea :) I am on the verge of taking it easy - going into semi retirement mode, so I will be spendin gmore time doing what I like doing, travelling overseas, reading etc etc. So i was thinking how could I make this tax deductible. What I was...

Hi I am just wondering if a decision has to be made before the end of the financial year on how a discretionary trust will distribute the income for that trust for that year. I was under the impression that you could decide later, after individual tax was calculated enabling the distributions...

My parents are running a small business and have been for a number of years. They are now approaching retirement age and I have been trying to think creatively on how to assist. I believe there are various tax concessions to people selling a business on retirement. So…. What if I purchase...

Hi Someone recently told me a strategy which could save me some tax. A friend of mine has a large capital loss from a business etc that went bad. She has very low icome and will not be able to make a capital gain to offset the loss for a very long time - so it is sitting there wasting...

Hello I have been using trusts for a number of years now, and everyday and learning more and more. When I started out I used a conveyancer to purchase property in Victoria. She was cheap, but not very helpful. I pruchased a number of properties, but she never once asked for a copy of my...