Total Members: 158,198

ptn

  • ptn replied to the topic Advantages of using a company name. in the forum Help Needed! 17 years, 5 months ago

    If you bought a IP in a company with a director and 2 additional share holder. What happen to the IP if you add an additional share holder or you liquate a share holder? do you have to pay stamp duty?

    Thanks

    Regards
    ptn

  • ptn replied to the topic Advice Needed: Sell or Hold? in the forum Help Needed! 17 years, 5 months ago

    So what is stopping you from getting a town planning permit to build multiple town houses or unit … and build it; see you dream mature rather than let some other developer take the glory.

    Just a thought

    Regards
    ptn

  • ptn replied to the topic contracting work using DT??? in the forum Legal & Accounting 17 years, 8 months ago

    Thanks Cata,

    I like to put some IP into the same trust to dilute the 80/20 rule.

    Also, if I add my sister as trustee into the trust with her contracting income to further offset the 80/20 rule, how hard would it be in 2 years time to remove her from the trust ?. Assuming an IP exist in the trust.

    Thanks
    Ptn

  • ptn replied to the topic How much tax to pay?? in the forum Legal & Accounting 17 years, 10 months ago

    Hi Guys,

    [offtopic] off topic a bit but can I have a family trust – Discretionary trust with the beneficiary to include my nieces and nephews?

    Just for tax purposes where $1400 can be a write off allocation per year.

    Curious
    ptn

  • ptn replied to the topic Would this be subject to CGT &/or stamp duty? in the forum Legal & Accounting 17 years, 10 months ago

    You’re allowed to have 2 ppor within 6 months. This allows timing between the sale of your recently moved out property and your new settled property.

    Nothing prevents you from selling your old and new one within 6 months.

    Just wondering how you intend to live there during the development of the 2 units.

    hope this helps.
    ptn

  • ptn replied to the topic company capital gains on units in the forum No Subject 17 years, 10 months ago

    Hi robertbath,

    If you move in and claim the place as your PPOR (Primary place of resident) than build the duplex and sell it, you wont have to pay captical gain. But if you build it before moving in, then you’re looking at halving the cost / captical gain. IE, Paying CGT of $40k.

    I am not an accountant but I’ve done this before.

    Regards
    ptn

  • ptn replied to the topic Children’s income and Trusts in the forum Legal & Accounting 17 years, 10 months ago

    So the moral of the story is don’t get caught. :)

    ptn

  • ptn replied to the topic Children’s income and Trusts in the forum Legal & Accounting 17 years, 10 months ago

    Hi Mike,

    So if I have my own childcare at home; where my company is operating, I can claim all the expense? IE. A live in nanny?

    ptn

  • ptn replied to the topic CASH FLOW POOR BUT CREATIVE RICH in the forum Value Adding 17 years, 10 months ago

    Hi Ginnybear

    Regarding your poor cash flow, you should consider loc docs loans to buy more IP and look into living off equity to fund your creative ideas.

    Let’s say you have $420k asset. You have a mortgage of 200k and you require 80% LVR leaving you about 120k worth of usable equity.

    Let’s say you take 30k as living expense (plus single mo…[Read more]

  • ptn replied to the topic Children’s income and Trusts in the forum Legal & Accounting 17 years, 10 months ago

    Terry,

    Rich people send their kids to child care and claim the fee as a company expense; at lease from the stories we hear.

    How do they do it?; Could it be that the child is a director of the trust and is an influent to the company’s success? Therefore require child care as education???

    Curious
    ptn

  • ptn replied to the topic Fed budget in the forum Finance 17 years, 10 months ago

    Actually, they do. Just not the structual. ie .building but items like hotwater system is. So said my financial advicer.

    This will make my cash flow a bit more attractive now.

    ptn.

  • ptn replied to the topic CASH FLOW POOR BUT CREATIVE RICH in the forum Value Adding 17 years, 10 months ago

    Hi Ginnybear

    I am against the idea of partnering as it causes too many disputes.

    With your extra capital, I suggest you look at opening a trust or company with the intention to renovate or build. You should hire people to do the work and focus more on management.

    I know you may have heard this every where but KISS (Keep It Simple Stupid) will…[Read more]

  • ptn replied to the topic CASH FLOW POOR BUT CREATIVE RICH in the forum Value Adding 17 years, 10 months ago

    Hi GinnyBear,

    Congratulation on your new found skills.

    3 years to renovate a house is a long time. Nonetheless it’s experience in the making. Well done.

    Regards
    ptn

  • ptn replied to the topic Discretionary Trust – With personal loan in the forum Legal & Accounting 17 years, 11 months ago

    Terry,

    Has bank west response to your email yet? [cigar][puke][glum2][sleepy2][upsidedown]

    Thanks

    Regards
    Ptn

  • ptn replied to the topic Discretionary Trust – With personal loan in the forum Legal & Accounting 17 years, 11 months ago

    Thanks Terry,

    I’ll look forward to seeing bankwest reply to your email.

    Kind regards
    ptn

  • ptn replied to the topic Discretionary Trust – With personal loan in the forum Legal & Accounting 17 years, 11 months ago

    Hi Cata,

    Thank you for that informative description. I read something like this before but was a lot more complex than your explanation. Makes Sense now.

    Cata / Terry, Can you please also answer my earlier ?

    What happen if the IP in the HDT appreciates 50k in value, will you need to create more units in the HDT if you want to use this…[Read more]

  • ptn replied to the topic Discretionary Trust – With personal loan in the forum Legal & Accounting 17 years, 11 months ago

    Elkam,

    Is it possible to convert a normal DT into a hybrid DT one day if the need arises or is this dependent on the trust document?

    Your questions are very meaningful (as always), I am keen to see Terry answer this important question too.

    Regards
    ptn

  • ptn replied to the topic Discretionary Trust – With personal loan in the forum Legal & Accounting 17 years, 11 months ago

    Hi Terry,

    From memory, Bankwest have done 95% for one of my clients with a hybrid trust.

    Sorry if I am repeating myself but need to know exactly.
    Your client, did he have a company trustee?

    Cata, I am not planing to do any commercial business in my trust and asset protection is not a point of interest now. Beside, just create a company…[Read more]

  • ptn replied to the topic Discretionary Trust – With personal loan in the forum Legal & Accounting 17 years, 11 months ago

    Terry,

    Another important question,
    What happen if the IP in the HDT appreciates 50k in value, will you need to create more units in the HDT if you want to use this equity? and how does the bank response to the refinance?

    How much paper work is involved in creating more units in the trusts for the above case.

    Do bank lend upto 90 – 95% if you…[Read more]

  • ptn replied to the topic Discretionary Trust – With personal loan in the forum Legal & Accounting 17 years, 11 months ago

    Hi Terry,

    I also bank with bankwest.

    Your earlier statement makes me more confused. Do bank like HDT with company trustee? or they prefer HDT with out a company structure?

    Don’t worry about the land tax component, it’s another topic of discusion elsewhere.

    Thanks
    ptn

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ptn

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