ekghmg replied to the topic Interest Rates for trust setups in the forum Finance 11 years ago
I am with CBA with corporate trustee. Rate = same as my personal discounted rate. Might depend on the venture you are trying to fund, ie developments etc ‘may’ fall into business lending which will have a different rate.
It was challenging to get it all set up, but I went through a broker so wasn’t really my challenge, I just heard all the…[Read more]
ekghmg replied to the topic Relocating homes in Victoria in the forum Value Adding 11 years, 3 months ago
Thanks, can you also find out how much additional work he has to perform once it is there (ie what the company is not doing)
Thanks – Eamon
ekghmg replied to the topic Unexpired interest in the forum Legal & Accounting 11 years, 5 months ago
Have a chat with your accountant, but you may find that sub a thing could be treated as a asset as it is essentially a future income tax benefit, ie depending on how you accounted for the car some of the interest may be claimable as a deduction against your tax.
Too many variables to give a categoric answer so best to confirm with your accoutant…[Read more]
ekghmg replied to the topic 30 properties before 25, finance??? in the forum Finance 11 years, 7 months ago
This has been a great thread. The only query I have and would like to understand relating to Nathan’s post is, when you go and draw back on the equity and take your original capital back, mathematically the property is no longer a positive Cashflow property, ie income = 15,000 (300×50 weeks) and just finance cost is 15,120 (240,000 x…[Read more]
ekghmg replied to the topic Which Myob Package in the forum Legal & Accounting 11 years, 9 months ago
I personally use myob business basics for my private finances (potentially overkill) and my trust with corporate trustee. I have not gone too deep into the standard reports and prefer to dump the trial balance to a spreadsheet/pivot table style management reporting tool I created when I was working for a company that didn’t have very advanced…[Read more]
ekghmg replied to the topic What lvr for 1st IP in discretionary trust in the forum Finance 12 years ago
Thanks Richard,I have set up a standard interest only loan in the name of the corporate trustee secured against one of my other properties (in my own name) effectively accessing the equity built up in that property. I have been stung with a negligible "vetting fee" from CBA to review my off the shelf deeds, a bit annoying but I am getting the s…[Read more]
ekghmg replied to the topic Tax deductibility of debt moving into a family trust in the forum Finance 12 years, 5 months ago
Thanks for your comments – it has certainly added some food for thought.
Cheers – EKG