Chan & Naylor - PIT trust

[geoffw]

The post was allowed to stay because it was directly applicable to the thread. That is despite the thread being several years old and the ruling being more than 12 months old.

We do like professionals to come into the forum and to contribute their knowledge to the good of all. We would encourage anybody who has posted on the forum for any reason to stay and to contribute their knowledge. I suspect there are at least some who have done well for their business by doing so.

 

[Chan and Naylor]

Please explain how you are to bypass the rule against perpetuities? Only SA has abolished that rule.

Hi Aaron_C
The rule against perpetuity are not breached. The use of specific legislation and case law fully supports the ability for our Property Investor Trust® not to vest.

Marco

 

[Terry_w]

Hi Aaron_C
The rule against perpetuity are not breached. The use of specific legislation and case law fully supports the ability for our Property Investor Trust® not to vest.

Marco

The 'ability' not to vest - wouldn't this apply to any trust set up in South Australia with property in SA?

but that doesn't mean it won't need to vest and this is because of s 62 of the Law of Property Act 1936 (SA) which allows a party to apply to the court for orders so that the property of the trust will vest.

Those that can apply for this order include:
1. The Attorney General
2. The Trustee
3. A person who has an actual of potential interest in the property of the trust.

3 would include any potential beneficiary of the trust.

 

[Paul@PFI]

I started using them about 7 years when I was starting out as an investor. Had no idea what I was doing. Since then, I have been hit with upgraded land tax assessments, upgrades to stamp duty and zero tax and strategic planning work.{mods: deleted text}

Chan and Naylor Trusts can be amended. I have worked for over 5 years in addressing fixes to the tax office offending clauses and the failure for the PIT to access the promised NSW land tax threshold as well as hybrid deed compliance with the ATO.

My best story is the one about a (now former) office manager in the Pymble office in Sydney who was a failed executioner / hitman who is now jailed. Its obviously not a reflection on the firm but a funny story about the extents some accountants might go to to make a buck for themself.