All Topics / Help Needed! / Accountant recommendations in Melbourne!

Viewing 17 posts - 1 through 17 (of 17 total)
  • Profile photo of Rob123Rob123
    Participant
    @rob123
    Join Date: 2011
    Post Count: 13

    Hi all,

    Can anyone recommend a good accountant in Melbourne, who is familiar with setting up trust structures? I am looking for advice on setting up a trust with a corporate trustee, which i intend to use to purchase property for development.
    I have been to see Jason Cunningham from “The Practice” (who will be speaking at this years mega conference) and i am looking for a second opinion on their advice, as well as a price comparison in regards to set up costs.

    Thanks a lot!

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    I always recommend James from House of Wealth for my Melbourne clients.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Giggleguts22Giggleguts22
    Participant
    @giggleguts22
    Join Date: 2010
    Post Count: 11

    Jamie which accountant do you recommend in Brisbane for setting up trusts?

    Bec

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Bec

    Richard Taylor (QLD 007) will be able to help with that one.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Rob123Rob123
    Participant
    @rob123
    Join Date: 2011
    Post Count: 13

    Thanks Jamie,
    I’ll give them a call.

    Cheers, Rob

    Profile photo of sapphire101sapphire101
    Participant
    @sapphire101
    Join Date: 2006
    Post Count: 203

    Mark Unwin – Kew Melbourne
    http://www.mjua.com.au

    Ian
    http://www.theblockblog.com
    Free Property Investment Info, Tools & Resources for Investors With A Sense of Humour

    Profile photo of Rob123Rob123
    Participant
    @rob123
    Join Date: 2011
    Post Count: 13

    Thanks Ian,

    Have you used Mark Unwin before? And does anyone know how much a trust should cost to establish, along with a company to act as trustee?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Hi Rob

    I really think trusts and companies should be set up by lawyers because legal advice is necessary. Tax advice is needed too and this can be handled by the lawyer or a tax accountant.

    For example, do you know the duties of a director under the corporations act? Do you know what happens on the death of a person behind a single director/shareholder company?

    Did you know that you could lose control of the trust? Look at the current Gina Reinhart case.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Rob123Rob123
    Participant
    @rob123
    Join Date: 2011
    Post Count: 13

    Hi Terry,

    You raise some good points. I actually hadn’t thought of contacting a lawyer to get this set up.
    I just got off the phone with my solicitor, who has told me he doesn’t set up trusts…
    I also just rang Mark from M.J. Unwin & Associates, and have been told they are not taking on any more clients at this stage!
    Finding a good accountant is proving to be a lot harder than i thought!
    Still waiting to hear back from House of Wealth..

    Can anyone else recommend a good accountant with structuring experience? or perhaps a lawyer as Terry has suggested? Or can anyone comment on what they may have paid to set up a trust, as well as a company to act as trustee? Kind of just want to find out if what i have been quoted is reasonable, as $2500 sounds a little expensive…?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    In VIC Mooreslegal are the experts at structuring.

    From an accountant I would say around $2000 for a company and trust would be about right depending on which deed they use. I am not sure what the stamp duty on the establishment of the trust is down there.

    James from House of Wealth should be good because of his DNA. (james son of dale)

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Rob123Rob123
    Participant
    @rob123
    Join Date: 2011
    Post Count: 13

    Thanks All,

    James from House of Wealth was extremely helpful and was happy to chat over the phone!

    Thanks again for the recommendation

    Profile photo of MauriceSMauriceS
    Member
    @maurices
    Join Date: 2010
    Post Count: 40

    Terry – $200 down here for stamping a trust.
    Rob – Looks like l am little late.  But would have been more than happy to have a chat with you.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    $200 ain’t too bad compared to Nsw

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of MauriceSMauriceS
    Member
    @maurices
    Join Date: 2010
    Post Count: 40

    Thats what the state revenue office charge.  How much is it in NSW?  I am working on a feaso for a Syndey client at the moment. 

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    $500 stamp duty in Nsw on a nominal settled sum. It was only $200 a few years ago too

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of donxxxdonxxx
    Participant
    @donxxx
    Join Date: 2007
    Post Count: 9

    Hi All,
    I am getting conflicting advice around trusts regarding land tax.
    I am considering buying commercial property in this case.
    I understand you can claim a reduction of land tax based on the land tax threshold ($350k land value threshold in Qld) making the calculation $1450 (for the first $350k) + whatever is above $350k land value x 1.7% = land tax payable per trust entity. However I am also told the law is likely to change meaning all trusts you own will have all land values addded and you receive only one $350k threshold allowance.
    Can anyone shed some further light on this?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    The law is likely to change? That would be hard to predict unless the government has made some sort of announment re this.

    I think you can only go on the current laws and to consider what the effects would be if there was to be a change.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 17 posts - 1 through 17 (of 17 total)

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