Forum Replies Created
Chan & Naylor was experiencing unprecedented growth in and around 2007 when Sal Arcuri approached us to become a Joint Venture Partner in the Norwest area.
After establishing Chan & Naylor Norwest we were experiencing many client complaints about his lack of service. After extensive attempts to further train and counsel/help him we formally ceased our relationship with him around 2008 and asked him to remove all reference to Chan & Naylor.
He refused and continued to falsely trade under Chan & Naylor Norwest.
After many attempts were made through our Solicitor, but all to no avail, we finally started Court Proceedings against Mr Arcuri in March 2010 and finally won the case and a Court Judgement was issued on 7th October 2011 that required Mr Arcuri to cease trading under Chan & Naylor Norwest.
We apologise to anyone who have been wronged by him but we took every step possible to stop him continuing to use our name but the legal process took many months to finalise.
Regards,
Ed Chan
CHAN & NAYLOR "PROPERTY INVESTORS TRUST®" (PIT®) Achieves ATO Product Ruling PR2011/15
<moderator: this post was too much like advertising and has been deleted. Because people periodically ask about PIT's I've left the heading so people can look up the ruling if they wish>
CHAN & NAYLOR "PROPERTY INVESTORS TRUST®" (PIT®) Achieves ATO Product Ruling PR2011/15
Difference between Product Ruling and Private Ruling
The Australian Taxation Office has released Product Ruling PR2011/15 which applies to new Property Investor Trust® Deeds (PIT®) established and executed after 27th July 2011 purchased from Chan & Naylor.
This is the first Product Ruling on individual trusts issued by the ATO and it is also the first time the ATO has given a Product Ruling on a trust product that is not centrally controlled by the sponsor or product supplier thereby giving the taxpayer more control.
This Product Ruling only applies to the Property Investor Trust® organised through Chan & Naylor and operated in accordance with the conditions approved by the ATO within this Product Ruling. A Product Ruling is an ATO blanket approval that is available to all taxpayers operating within the Product Ruling framework unlike a Private Ruling that only applies to a specific taxpayer and cannot be relied on by other taxpayers.
Taxpayers can now have certainty in relation to interest deductibility when using a Chan and Naylor PIT® Trust.
The PIT® however provides a lot more than just a trust that allows full interest deductibility. PIT® benefits include:
- There is no Vesting Date hence will not trigger capital gains tax and stamp duty because the trust does not cease and goes on forever. Most other Trust Deeds have a Vesting Date of 80 years which than triggers a capital gains tax and stamp duty for the beneficiaries and stops the property from being passed from generation to generation tax effectively.
- Will allow interest to be claimed as a tax deduction in the taxpayers/unit holders hands thus negative gearing can be claimed against an individual's wages. Unlike many other Hybrid Trusts where the interest may not be tax deductible.
- Provides asset protection as the property is held separate from the individual.
- Provides a land tax threshold in most States of Australia except NSW so that one can minimize and even eliminate land tax in some States
- Protects the property from the marriage breakdown of your children
- Designed specifically for property and eliminates the E4 problems with other Trusts which trigger larger capital gains tax when the property is sold.
- Allows control of the property to change hands such as the Trustee without triggering capital gains tax and stamp duty and enables the splitting of the assets of the Trust.
- Allows the beneficial or unit holders to change hands with no stamp duty in some states.
- If there is little or no gearing involved allows the flexibility to distribute the net rental to the lowest taxpayer.
- There is an ATO approved Product Ruling PR2011/15 giving you certainty of your tax deductible interest unlike most if not all other Trust Deeds.
The Chan & Naylor Team
Disclaimer: the above points are not an exhaustive explanation of the advantages of the “Property Investors Trust®” (PIT) ® and one should not rely on them without getting individual advice as the PIT may not be suitable to you in your circumstances.
Also the above points have not covered off on how the requirements of the ATO Product Ruling PR2011/15 apply to you.
Please note that the Product Ruling is only a ruling on the application of the law. It is in no way (either expressly or implied) a guarantee or endorsement of the commercial viability of the PIT®, of the soundness or otherwise of the PIT® as an investment or of the reasonableness or commerciality of any fees charged in connection with the PIT®.
__________________
Any advice given here is of a general nature only. We disclaim responsibility from anyone relying on advice from this posting. We recommend that you seek your own independent advice