Total Members: 158,199

trajik

  • trajik replied to the topic Recouped building depreciation allowance in the forum Legal & Accounting 16 years, 10 months ago

    Even though the building write off is recouped upon sale, you have claimed it during the life of the investment at your full marginal tax rate, but get a 50% CGT discount on sale.The time value of money also places a greater value on claiming as much as you can as early as you can.And lastly, the building write off is recouped even if you haven't…[Read more]

  • trajik replied to the topic Trading Trust in the forum Legal & Accounting 16 years, 10 months ago

    A discretionary trust may be the ideal structure, and if so, yes you need to have it established prior to purchasing the business.  Definitely need a corporate trustee to provide protection of your IP's & PPOR.Interest deductibilty on HDT depends upon the deed and your accountants opinion…for certainty, get a private ruling.

  • trajik replied to the topic Purchase or Lease Car in the forum Legal & Accounting 16 years, 11 months ago

    Absolutely agree with Marc…though if you do want to get a relatively new car, go for something about 2-3 years old still in warranty, less than 50,000 km.  It's as good as new for reliability, etc but the price will be 30-40% less.  Don't get a 6 cyl, go a 4, you'll save heaps on running costs, and depreciation is generally better (less)  …[Read more]

  • trajik replied to the topic Starting A Company. in the forum No Subject 17 years, 1 month ago

    A company may be the ideal structure for you but as Terry stated there are many specific laws & tax laws relating to companies that you should be aware of. You may save a few hundred dollars by setting up the company yourself but how do you know what you are doing is right, what do you do when issues crop up, do you have someone to guide you…[Read more]

  • trajik replied to the topic capital gains tax in the forum Help Needed! 17 years, 1 month ago

    You can’t directly defer the capital gain, as Amanda quoted, but you may be able to reduce the CGT by reducing/deferring your other income or increasing/bringing forward tax deductions for the year that the CG occurs, as CG are just added to your other taxable income and then tax is calculated at the resulting…[Read more]

  • trajik replied to the topic Personal use of an asset owned by a trust in the forum Legal & Accounting 17 years, 1 month ago

    The same concept applies to FBT, in that there must first be an employment relationship.

    If there is no employment relationship and thus no FBT, whether or not to hold the assets in trust will come down to issues such as what , if any, is the tax benefit of holding the assets in the trust, is it just for asset protection, if so what other assets…[Read more]

  • trajik replied to the topic Personal use of an asset owned by a trust in the forum Legal & Accounting 17 years, 1 month ago

    Hi AJS,

    Couple of issues,

    Firslty FBT won’t be an issue if you or any related persons are not “employed” by the trust, as FBT only applies to employment. Generally, if you are just investing in property then you wouldn’t be employed by the trust.

    But, the ATO has cracked down on the scheme of your own trust renting it’s property to you and…[Read more]

  • trajik replied to the topic is this illegal/not possible? in the forum Legal & Accounting 17 years, 1 month ago

    Hi Picklesam,

    Couple of questions to clarify your situation.

    Who is going to own the IP, you or your company?

    Why does your company pay your rent?

    Who has the loan for the IP, you or your company?

    Is it a company (Pty Ltd) or just a business in your name?

    Happy to help, but just didn’t quite understand your post…[Read more]

  • trajik replied to the topic Buying home in company name & leasing in the forum No Subject 17 years, 1 month ago

    HI LBH,

    Two major problems.

    First, a company isn’t eligible for the 50% CGT discount.

    Second, if the company leases the property to you to live in then the company will pay FBT at 46.5% on the lease.

    So, pretty much a no go all round.

    Companies are good for running a business or acting as trustees, but not much else.

    Hope this…[Read more]

  • trajik replied to the topic Salary Sacrificing – rental expenses in the forum Help Needed! 17 years, 1 month ago

    If you own the property jointly and your income is in a higher marginal tax bracket, then salary packaging rental expenses gets you a benefit equal to the difference in your marginal tax rates.

    ie,

    If your tax rate is 46.5% and your partners is 16.5% then the benefit is 30% of what you can salary package.

    hope this…[Read more]

  • trajik replied to the topic Negative gearing question in the forum Help Needed! 17 years, 1 month ago

    Hi devo,

    He’s right, it doesn’t matter where the money comes from but who owns the property.

    regards

    ross

    tax@guardianaccounting.com
    http://www.guardianaccounting.com

  • trajik replied to the topic Negative gearing question in the forum Help Needed! 17 years, 1 month ago

    Hi devo,

    He’s right, it doesn’t matter where the money comes from but who owns the property.

    regards

    ross

    tax@guardianaccounting.com
    http://www.guardianaccounting.com

  • trajik replied to the topic Accountant, Whitsunday coast to Mackay in the forum Legal & Accounting 17 years, 1 month ago

    Thanks for the referral Richard. Much appreciated.

    Actually HookhamC & Pro Investor, I am moving to just north of Townsville at Easter and so am looking for some more clients in the north queensland area. Would be more than happy to help you guys out.

    Ross

    tax@guardianaccounting.com
    http://www.guardianaccounting.com

  • trajik replied to the topic Capital loss and renevations in the forum Help Needed! 17 years, 2 months ago

    Hi devo,

    Your capital gain will be proportional based on the time you live in it V’s time rented. For example, if you rented it for 6 years and then lived in it for 4 years, taxable capital gain would be 60% of the total capital gain. Then the 50% discount would apply, so really only 30% of the capital gain will be taxable.

    The new rooms added…[Read more]

  • trajik replied to the topic Capital loss and renevations in the forum Help Needed! 17 years, 2 months ago

    Hi devo76,

    You are right that only buildings built after 87 can claim the special building write off over 40 years (2.5%PC), but also any building structure/capital improvements can also, depending upon when they were built, not when you buy the property. As JFisher said, it’s best to get a Quantity Surveyor report, unless you have the actual…[Read more]

  • trajik replied to the topic the tax solution in the forum No Subject 17 years, 2 months ago

    It’s written in pretty plain english and easy to understand. Covers most areas in basic terms and a good investment if you’re not a tax accountant or very tax literate.

    tax@guardianaccounting.com
    http://www.guardianaccounting.com

  • trajik replied to the topic PI structures in the forum Legal & Accounting 17 years, 2 months ago

    Ask him to explain why he prefers the SMSF.

    Are you within 5 years to retirement?

    What are your investment goals/plan?

    tax@guardianaccounting.com
    http://www.guardianaccounting.com

  • trajik replied to the topic Property Investing structures in the forum Legal & Accounting 17 years, 2 months ago

    Dale Gatherum Goss’s “Trust Magic” is a really good trust resource written in normal language, not “legal speak”

    tax@guardianaccounting.com
    http://www.guardianaccounting.com

  • trajik replied to the topic Super or Property? in the forum Help Needed! 17 years, 2 months ago

    Hi Carpe_diem,

    Send me an email and I’ll be happy to help out, or point you in the right direction.

    regards
    Ross

    tax@guardianaccounting.com
    http://www.guardianaccounting.com

  • trajik replied to the topic trust are they really all they are cracked up to b in the forum Help Needed! 17 years, 2 months ago

    Hi Condog,

    I think you may have misinterpreted what your accountant was saying. The pattern of distributions test is to do with the trust loss measures and doesn’t usually have any consequence if you are not trying to inject income into the trust or use other measures to access trust losses.

    If the trust is a discretionary trust then the…[Read more]

  • Load More

trajik

Step 1 - 0% Complete

Fill Out Your Member Profile Below

Fill in the required fields below to complete your registration.

Registration not only grants you full access to this website, but will also enable us to send you our newsletter, latest investor tips, strategies and information about events/products relevant to investors. You can opt out at any time.

Used to log in to the website and for targeting with messages. Alphanumeric characters only. No spaces allowed..

Member Login
Lost your password?
×
158,199

Register Free To Unlock Unrestricted Access To PropertyInvesting.com

×
1-Day Millionaire Mastermind Workshop - Only LIVE Training in 2019!