sml wrote:
a) The bulk of my costs (COGS) are GST free so I cannot claim any COGS GST component. 

GST-free allows claiming input tax credits.Do you mean input taxed ?  Even these may have some service component you might be able to claim.Anyway, anti-avoidance provisions prevent you splitting your enterprises between entities if they are a…[Read more]

Anthony K wrote:
2. There wont be any CGT because its all happend in < 12 months AND you did not commence with view to make the changes it just evolved. – CGT needs 2 elements,  Intention to make a gain and 2. > 12 months and 1 day duration,

CGT can apply even if there was no intention to make a gain and also for durations less than 12…[Read more]

god_of_money wrote:
Terrythat is what I thinkBut my accountant made a big fuss that in term of asset protection, it can be challenged. I am not sure what he mean by that. He told me that it is better to get the loan with <XXX Family trust> as stand alone rather than "ATF".

Probably getting confused with double stamp duty implications…[Read more]

Terryw wrote:
What you could do with this is to get your mum to buy as trustee for yourself or you and yourwife. This would be a bare trust where you and your wife are the ultimate beneficiaires and mum is the trustee.

You could avoid bare trusts and asset protection problems, also 'rent to buy' contracts and yet still get your main r…[Read more]

fujitsu wrote:
 I had to write a letter in requesting them to transfer the $5k to my savings account. I now have that $5k in my offset account.All this was done while my house was a PPOR. I am renting it out now.

If that $5k initially was mixed with other funds in your savings account then you have a problem.Cheers,Rob

Merca wrote:
What about changing the domicile (don't know the correct term) of the o/s trust to Australia from the o/s country? That's effectively the objective – allow existing trust funds to be used to invest in Australian property, without first distributing them and then re-settling them in a new trust, during which process there seems to…[Read more]

Still not enough detail to even start.If your friend is a resident of an OECD country then they most likely should have been on statutory accruals, in other words taxed on trust income even though no distribution made. In which case this is a non-assessable distribution.Otherwise, it depends on the tax rules in the o/s country, Australia and any…[Read more]

TR 97/23Cheers,Rob

Merca wrote:
TerrywIf the overseas trust gifts the funds to the local trust, is this not income to the trust and accordingly taxable in Australia? RegardsMerca

Genuine gifts are not taxed in Australia, but there may be gift duty in the country of residence.If you make the local trust a beneficiary of a foreign trust then there is a lot more to…[Read more]

Merca wrote:
The 'owner' of the assets (presently held in cash)  is a foreign trust. Would the trustee be able to settle an Australian trust with these assets?

A trustee is not an 'owner', therefore they may not gift the property although they may be able to settle under instruction of a beneficiary.However that beneficiary must have a…[Read more]