How to Legally Reduce Your Tax
- Thread starter tonyd
- Start date
Dear Redwing,
1. I've purchased and finished reading the book. Well-written, simple and easy to read and understand and Ed has suggested a few good ideas about using Trust, outside what I have learnt from Dale.
2. Personally, I will strongly recommend members to invest in this book.
3. For your kind update,please.
4. Thank you.
regards,
Kenneth KOH
1. I've purchased and finished reading the book. Well-written, simple and easy to read and understand and Ed has suggested a few good ideas about using Trust, outside what I have learnt from Dale.
2. Personally, I will strongly recommend members to invest in this book.
3. For your kind update,please.
4. Thank you.
regards,
Kenneth KOH
I have read it and must admit I know the authors well.
They have covered a potentially boring group of topics in an interestsing and informative way.
I would recommend it. Its cheap and worth having on your bookshelf
They have covered a potentially boring group of topics in an interestsing and informative way.
I would recommend it. Its cheap and worth having on your bookshelf
Is it in the shops now?
Peter 147
Peter 147
Michael Yardney said:
Hi Michael,
They’ve been presenters at Seminars you’ve presented at haven’t they?
I found the book to be quiet interesting and the format and diagrams that they’ve used to explain the different trust structures is very easy to follow…
Nothing revolutionary here; but worth the read IMHO and the authors have written it in an easy to read format, I think it whets your appetite and makes you want to get more information from the authors about such an interesting topic..
Woth having on your bookshelf as stated..alongside both of Dales books and Ed Burtons is worth a read as well.it's a popular subject..
maniyak said:Got mine and read it that night. Good book, well presented with enough info, well almost as there is never enough info.They refer to a type of trust as a "property investing trust". I guess this is a trust deed/system they market. Any ideas on the details ?
Yes I believe it's one of theirs hence the TM each time it is mentioned..
As you say it would be interesting to know what the actual structure is, as the example with the person using it looked interesting from an investors perspective..
REDWING
Hi all,
While Chan markets his 7 different types of trust, it is interesting to note that one legal firm in particular markets something in the order of 28 different types of trust.
Now, I am a simple person, and to me there are essentially 3 types of trust: unit, discretionary, and hybrid.
As I understand it, the other 4 (or 25) are simply slight variations of these.
Enjoy!
James.
While Chan markets his 7 different types of trust, it is interesting to note that one legal firm in particular markets something in the order of 28 different types of trust.
Now, I am a simple person, and to me there are essentially 3 types of trust: unit, discretionary, and hybrid.
As I understand it, the other 4 (or 25) are simply slight variations of these.
Enjoy!
James.
JamesGG said:
James
You are correct, there really are only 3 types of trusts, the others are variants and rest is 'marketing hype'
Great Book
For an impatient ______ new to PI, about to rush in and snatch the first bargain, it was a fantastic read!
Put the brakes on good and solid until we have our structure worked out!
Figures and related topics are difficult for me but this book has opened up a whole new world of ideas in a way that I can actually see....!
I also found it reminiscent of R Kyosaki's style and plans.
Highly Reccomended
Ponyfire
For an impatient ______ new to PI, about to rush in and snatch the first bargain, it was a fantastic read!
Put the brakes on good and solid until we have our structure worked out!
Figures and related topics are difficult for me but this book has opened up a whole new world of ideas in a way that I can actually see....!
I also found it reminiscent of R Kyosaki's style and plans.
Highly Reccomended
Ponyfire
In the workships section of their site they list......Michael Yardney said:
[font=Verdana, Helvetica, Arial][font=Verdana, Helvetica, Arial]The 8 different types of trusts, how they work, when to use them and when to avoid them. Those that will be covered are: [/font][/font] [font=Verdana, Helvetica, Arial][font=Verdana, Helvetica, Arial]1. Discretionary Trust
2. Bare Trust
3. Family Trust
4. Testamentary Trust
5. Unit Trust
6. Capital Vested Trust
7. Hybrid Trust
8. Property Investor Trust™ [/font][/font]
Michael Yardney said:
OOPS! I was wrong.
Ed Chan taught me something today- in fact he has taught me a lot over the last few years
There are more than 3 types of trust.
For example a Superannuation Fund is a Trust but is not a variant of either a Unit, Discretionary and Hybrid Trust. It's in fact a whole new type of a Trust which has its own rules but has none of the traits of the other Trusts.
Ed also gave examples of different trusts such as a Bare Trust and Blind Trust.
He also taught me about his “Property Investors Trust” which is built specifically for properties taking into account the different land tax rules around the different states. This trust is trade marked because Ed has spent over 16 years and many thousands of dollars to perfect this structure for properties.
It allows the rental to be passed on to the spouse who is on the lower tax rate before the property becomes positively geared on its own accord.
This takes advantage of the beneficiary's lower rates of tax without triggering capital gains tax nor stamp duty and at the same time increasing the negative gearing benefits to the husband (assuming he is on the higher tax rate). It also allows properties in NSW to retain its land tax threshold.
Ed claims that Unit/Discretionary/Hybrid Trusts are STANDARD Trusts which accountants and solicitors have tried to adapt to properties but they were not initially developed to hold properties in hence they all have some disadvantages or short comings when used for properties eg Discretionary Trusts are bad for negatively geared properties or to hold properties in, in NSW as they lose their land tax thresholds.
The Unit Trust loses its cost base after the depreciation of the property is passed through to the unit holder and a Hybrid Trust is unusable for properties in NSW as they lose their land tax threshold unlike a Unit Trust retains its land tax threshold in NSW etc,etc.
He says these standard Trusts were set up for use in other things such as Businesses and to protect assets such as shares etc but when adapted to property had their shortcomings.
I must admit I didn't know about this special type of trust (I must have slept through that part of the seminar
but I am going to make some further enquiries becuase this sounds really interesting and will run an article on it in a future copy of my monthly e-magazine.
