All Topics / General Property / bookeepiing question

Viewing 12 posts - 1 through 12 (of 12 total)
  • Profile photo of bolockbolock
    Participant
    @bolock
    Join Date: 2005
    Post Count: 8

    Last week I read “Rich dad, poor dad”, and the book insists on “owning a company” for tax minization purposes. Considering that Kyosaki is American, how applicable it is for Australian taxation?
    Let’s say we want to start buying IP. Does it really worth opening a company for such a purpose?
    If the answer is yes, whom should I get for a bookeeping – bookeper or a proper accountant?

    Thank you all in advance,

    Profile photo of JKMJKM
    Member
    @jkm
    Join Date: 2005
    Post Count: 82

    Colobok, it really depends on your personal circumstances. You really should speak to an accountant before setting up a company. Alot of things that are written, whether it be by Kiyosaki, De Roos, etc can refer specifically to their country of origin. For example, Kiyosaki will tell you how you get a tax deduction for the interest on your own home loan. Now this may be true for America but does not really apply here. Happy reading all the same & that book will make you start to think a bit differently.

    Profile photo of RichLeeRichLee
    Member
    @richlee
    Join Date: 2005
    Post Count: 25

    Hi Colobok
    I run my own bookkeeping business and if there is one thing that every client has said to me is that it is way too expensive to get an accountant to do what a bookkeeper can do for a quarter of the cost. A bookkeeper can still have everything organised and ready for you when it comes time to visit your accountant and you will save yourself heaps. Am happy to answer any more questions you might have or help out in anyway I can…
    Cheers and have an awesome day

    Profile photo of hellmanhellman
    Member
    @hellman
    Join Date: 2005
    Post Count: 109

    Kerry Paker has alot of companies…

    So it is applicable to Australia.

    Usually with property we use a trust with a company being the trustee for a vareity of reasons (such as asset protection, taxation, etc).

    Of course always speak to a good accountant.

    Profile photo of JKMJKM
    Member
    @jkm
    Join Date: 2005
    Post Count: 82

    Hellman, I am scared that you see what Packer etc are doing & that this must be right. Just remember that they also go bankrupt but this does not mean it is applicable to everyone in Australia. Yes trust are also used but may not be needed by all. As I previously suggested, speak to an Accountant & Solicitor to see what is appropriate for yourself.

    Profile photo of neo25x5neo25x5
    Member
    @neo25x5
    Join Date: 2005
    Post Count: 166

    What has Kerry Packer got to do with a basic question of whether to hold your ip in your personal name or as a company?????

    As others have said it would depend entirely on your personal circumstances (what type of property are you buying, how much etc.etc.) but if youre like most starting out do you really need to get technical by bothering with company’s etc??? For one thing, it costs a s**tload more to comply with the myriad of statutory obligations not to mention the increased difficulty in applying for finance. Anyway, in most cases financiers will require director guarantees, which if i’m correct cancels out the benefit of owing under such structure anyway.

    At any rate, get professional advice before you do anything.

    Eric

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    A company is usually NOT the best structure.

    See an accountant and ask about trusts, ensure you find one that is experienced in this area. I can give you several if you need one.

    There are all sorts of different types of trusts.

    A bookkeeper is fantastic at keeping books but probably not the best choice for structure advice.

    Cheers,

    Simon Macks
    Finance Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of bolockbolock
    Participant
    @bolock
    Join Date: 2005
    Post Count: 8
    Originally posted by Mortgage Hunter:

    A company is usually NOT the best structure.

    See an accountant and ask about trusts, ensure you find one that is experienced in this area. I can give you several if you need one.

    Mortgage Hunter, could you recommend any good accountant in Melbourne (West, CBD) or Ballarat?
    Thanks in advance,

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Not in Melbourne – mine are all in Sydney.

    I think Mobile Mortgage is out your way – why don’t you drop him an email and see if he has one.

    Cheers,

    Simon Macks
    Finance Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of gatsbygatsby
    Member
    @gatsby
    Join Date: 2003
    Post Count: 708

    I would recommend seeing Dale Gatherum Goss who is in Kilsyth. I don’t use him as my accountant, however I went to see him last year about asset protection and found him very informative and helpful. I think your first appointment is free (as mine was last year, however this may have changed?).
    Good luck!
    Gatsby.

    “Sometimes the hardest thing to do in life is often the best thing to do.”

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Colobok,
    Talk to Dale G at Gatherum-Goss & Assoc

    Postal Address: 1 & 1A, 87-89 Colchester Road,
    Kilsyth, Victoria, 3137
    Phone: (03) 9723 7699
    http://www.gatherumgoss.com

    Regards
    Steven Crane
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Gatsby,
    Snap’ :-)
    Cheers

    Steven Crane
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

Viewing 12 posts - 1 through 12 (of 12 total)

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