Total Members: 158,196

carl_vic

  • carl_vic replied to the topic Family trust trustee selection in the forum Legal & Accounting 18 years, 2 months ago

    I think that settles the issue.. It’s not that big a deal anyway since the trust isn’t doing anything or owning anything, just passing through distributions.

    Thanks guys

  • carl_vic replied to the topic gifting to discretionary trust in the forum No Subject 18 years, 2 months ago

    I was told by a representative of Castle Corporate, a well known company that supplies trust deeds, shelf companies etc, from Melbourne.

    The giftor will not be registered as a settlor but will supposedly be treated as one for the purpose of ‘not being able to ever be a beneficiary’.

    I would like to read the specific legislation, but I’m not sure…[Read more]

  • carl_vic replied to the topic Quarantined losses in trusts in the forum Legal & Accounting 18 years, 2 months ago

    Ok, this is the story as I understand it after finally hearing back from the ATO and doing a lot of reading in their database of 1936 legislation..

    For discretionary trusts, unless you have a family trust election, basically any change to the potential beneficiaries will cause all quarantined losses to be void. This makes it very tricky to…[Read more]

  • carl_vic replied to the topic Quarantined losses in trusts in the forum Legal & Accounting 18 years, 3 months ago

    Yeah I’m able to shift any amount of income around the ‘black hole’ of deductions so to speak, to make sure I look like I’m not making a personal loss and to use various tax free thresholds etc.

    I’ve checked with the ATO, they think it’s ok to quanantine the losses but they will verify and get back to me within 48 hours.

    Cheers,
    Carl

  • carl_vic replied to the topic Quarantined losses in trusts in the forum Legal & Accounting 18 years, 3 months ago

    Might have to give the ATO a call.. Even though every time I speak to them I feel creepy, like the call is being recorded and saved against my file :-D

  • carl_vic replied to the topic Quarantined losses in trusts in the forum Legal & Accounting 18 years, 3 months ago

    I thought I’d get an answer right away.. Doesn’t anyone know this?

  • carl_vic replied to the topic And so this is Xmas…and what have you done ?? in the forum General Property 18 years, 3 months ago

    My first kick ass year, no property or anything until this year!

    1) Settled my first property (Richmond Vic) in May (as PPOR, thanks for the grant Johnny).

    2) Got most of my tax back thanks to Timbercorp

    3) Partly restructured my IT business which is trading as trust (lets make things more complicated)

    4) Pooled my super and invested in the…[Read more]

  • carl_vic replied to the topic What is your gearing ratio in the forum No Subject 18 years, 3 months ago

    Res IP 90% (aiming for 80% for the long term)

    Shares 60%

  • carl_vic replied to the topic And/or nominee and trusts in the forum No Subject 18 years, 3 months ago

    What about this then; Say the company that is to be the trustee existed before the exchange however the trust did not. The contracts are signed either in the company name, or ‘and/or nominee’. Between the exchange and settlement a trust is created with the company as trustee. At settlement the appropriate paperwork is done related to the property…[Read more]

  • carl_vic replied to the topic And/or nominee and trusts in the forum No Subject 18 years, 3 months ago

    Ok, here is another hypothetical one; what if a trust was created last year or whenever, and the deed was written in such a way that appointor could be changed at a later date, thus effectively transferring control of the trust to a different entity.

    If a contract was signed today and/or nominee, then the trust was transferred into the person’s…[Read more]

  • carl_vic replied to the topic And/or nominee and trusts in the forum Legal & Accounting 18 years, 4 months ago

    I’m not making an offer to a private seller, but rather taking part in the process of buying up a number of properties from developers in trouble and hanging on to one myself. A good way to get a decent discount and not have to put much cash into the deal.

    The initial contracts will probably be signed and/or nominee by someone else anyway, who…[Read more]

  • carl_vic replied to the topic And/or nominee and trusts in the forum No Subject 18 years, 4 months ago

    I guess it’s one of those things, don’t do it unless you’ve got a good reason. Thanks for your input Dazz.

  • carl_vic replied to the topic And/or nominee and trusts in the forum Legal & Accounting 18 years, 4 months ago

    Thanks for your input bjb007.

    Cata, in my situation there would be no need to sign and/or nominee if the trust was in place, unless you just wanted to do that ‘just in case’. Who knows what can happen by settlement…

    Cheers guys and thanks again.

  • carl_vic replied to the topic And/or nominee and trusts in the forum Legal & Accounting 18 years, 4 months ago

    Hi Cata

    Some accountants have told me that when you use and/or nominee the nominee must be an entity that existed at the time that you signed the contract. The logic being that you can’t intentionally nominate something that doesn’t exist. But you think this is ok as long as the entity is set up before settlement? That would be more convenient in…[Read more]

  • carl_vic replied to the topic Ed Chan in the forum No Subject 18 years, 4 months ago

    I’m with high flyer, I recon Ed’s taking a unit and a hybrid trust combo and dressing it up as one trust. I’ve thought so since the first time a friend of mine went to one of his seminars almost a year ago, but nobody seems to be able to tell me (Ed least of all).

    If this was indeed the case I would find it rather disappointing since people like…[Read more]

  • carl_vic replied to the topic Deductability of interest for capitalised expenses in the forum Legal & Accounting 18 years, 4 months ago

    Even better!

    What’s your take on capitalising interest payments using a line of credit for an investment property? Lets say for argument’s sake that the person in question had no non deductable debt and that the rent from the property just hit the LOC as it arrived..

  • carl_vic replied to the topic Question about 2nd mortgages in the forum No Subject 18 years, 5 months ago

    Thanks Terryw. I think the next step is to speak to the bank then.

    Cheers,

  • carl_vic replied to the topic Question about 2nd mortgages in the forum No Subject 18 years, 5 months ago

    Ah ok… It’s all starting to make a little more sense now.

    Ok, so lets imagine that my GF is not going to be in a position to buy any property in the next while, and the purpose of the loan/investment is just to save up for a deposit for a property, then her servicability won’t become an issue until she wants to use her capital, redeem her…[Read more]

  • carl_vic replied to the topic Question about 2nd mortgages in the forum Finance 18 years, 5 months ago

    eh.. bump .. anyone got an answer?

  • carl_vic replied to the topic Would like an accountant’s oppinion in the forum Legal & Accounting 18 years, 5 months ago

    Thanks costymike.

    When writing a formal loan agreement between myself and my trust, I gather the agreement is between myself and the trustee of the trust. So if the trustee is a company where I am the sole director, the signatures on the bottom of the page would both me mine. Can you see any issues with that, or is that sort of thing…[Read more]

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