Forum Replies Created
Not sure if you misunderstand my question or you’re just being funny.
Let me clarify just in case. The Wrap Kit is a product that Steve McKnight sells on this website. It normally sells for around $600 but it’s currently sold out.
I would like one, so if someone has one they want to sell second hand, please PM me.
Thanks,
DominicAdvancen Multimedia make GREAT websites! http://www.advancen.com
Originally posted by Cata:The DVD you refer to, is it the one about the Reserve Banks being privatly owned?
Yep – A history of the US Federal Reserve, and how it’s privately owned. It also says that the World Bank is privately owned too. I don’t know how accurate it is but it’s interesting stuff, in particular it goes into the history of fractional reserve banking.
What did you think of it?
Advancen Multimedia make GREAT websites! http://www.advancen.com
Originally posted by holdencommodore:Or you could spend that $250 that vexil is referring to on more marketing, hence you’re more likely to receive more interest and/or maybe more competition for your property. When supply is higher and demand is set, they’ll end up paying more for your property. That extra money in marketing will pay for itself over and over again.
The valuer isnt going to be able to sell your property, so go with an agent that has logical marketing and yes, does know the current market values, but I wouldnt dismiss the opinion of agents so quickly.(“,) $$$ HoLdEnCoMmOdOrE $$$ (“,)
Actually I got the impression that savman was buying a property not selling. I guess neither of us should presume.
Advancen Multimedia make GREAT websites! http://www.advancen.com
Ok guys I just spoke to the great people at Hall & Wilcox lawyers and they told me that in Victoria the SRO changed law about this which applies from 1st July 2005. Here’s the summary:
Q. So, what’s the position now when mum and dad sign a contract “and/or nominee†at the weekend auction and then speak to their advisor on Monday?
A. This caused problems under the old provisions where mum and dad – upon receiving advice – decided they should hold the property in a trust that didn’t yet exist or a company that they hadn’t yet given instructions to incorporate. By Monday, it was too late to get the property into the appropriate structure.Under the new provisions, there will be greater flexibility for the advisor to suggest an appropriate structure for holding the property and to establish that structure. This won’t always have to happen prior to mum and dad signing the contract.
However there are still situations where you WILL be charged double stamp duty:
-where the second or subsequent transfer involves additional consideration;
-where one of the transfers involves land development; or
-where the transfer involves an option and land development.So don’t go signing a contract “and/or nominee” and then apply for planning permission, or make improvements to the property.
There’s obviously a lot more to it than this but you get the general gist of the new rules here. I’m not a solicitor but if you want to make sure I suggest you talk to the people at Hall & Wilcox. http://www.hallandwilcox.com.au
Advancen Multimedia make GREAT websites! http://www.advancen.com
Ok from the information I’ve discovered so far, Bare Trusts seem to be a way to keep things semi-private but Cata you say that someone can do a search to find you listed as a beneficiary. How? Is this search available to the public? Or is it only the tax office that knows this information?
That said, this topic has brought up an interest of mine – Fractional Reserve Banking. And how I one day want to own my own bank.
A very close friend of mine knows a few rich Indonesion associates. She says that they each owned a few banks, and that anyone whos anybody in Indonesia owns banks. I was pretty shocked to hear this. She also suggested that this was one of the causes of the Asian Financial Crisis. I would love to find out more information on this. If these Indonesians can create money out of thin air why can’t we?
By the way if you want to find out a bit more about Fractional Reserve Banking, I have a DVD called “The Money Masters” which has a history of banking. I’m happy to lend it to anyone if they want to email me their address.
Advancen Multimedia make GREAT websites! http://www.advancen.com
Thanks Cata – thats interesting stuff. Unfortunately I’m not trying to avoid paying tax here – I just don’t want my name on anything maybe that’s the unfortunate side effect
Jscott – I’ve heard people mention bare trusts before. Do you know of a book or document I could read about them. Dale Gatherum-Goss’s book Trust Magic doesn’t mention them at all.
Cheers,
Dominic.Advancen Multimedia make GREAT websites! http://www.advancen.com
Thanks for your reply grossrealization. Having an overseas company sounds like a possibility, but how sure are you that the bank wont lend money to the trust in this situation? I would love to hear of someone who has tried something like this. I know this is opening pandoras box, but there might be something to learn here.
From my perspective, the best asset protection is having no-one know that you own/control anything.
Advancen Multimedia make GREAT websites! http://www.advancen.com
Originally posted by carl_vic:Ok, here is another hypothetical one; what if a trust was created last year or whenever, and the deed was written in such a way that appointor could be changed at a later date, thus effectively transferring control of the trust to a different entity.
If a contract was signed today and/or nominee, then the trust was transferred into the person’s control who signed the contract, then there should be no legal reason why the trust could not hold the property, am I right?
I think what carl_vic is getting at is: Is there anyone out there that you can buy a pre-established trust from? Or more specifically, is there someone out there that will let you buy the appointorship of their unused trust that was created 12 months ago?
This could be handy in certain situations in terms of contract dates and not having your trust ready in time. Ofcourse it would need to be determined whether this is legal…does anyone know?
Why not have the property valued? I never pay attention to what the real estate agents tell you a property is worth. You can get a valuation done for around $250 if you shop around.
Something I heard on one of the Wealth Spy CD’s: Even if you have your trusts etc set up, it’s still better to put “[your personal name] and/or nominee” and make out like you’re buying the property for your daughter or something. If the vendor thinks you’re buying it as an investment to “make lots of money” then he’ll be less likely to sell at the price you want – its a psychological thing.
In terms of dealing with losses in the Hybrid trust due to depreciation expenses on the property, I think have a way to get around this.
Because I run a business which has been setup as a Hybrid Trust, I can set up my property investment trust as a beneficiery of the business trust. Basically I can then have some income on PAYG (which is important in helping to prove my income) and some income will be in the form of a trust distribution. As long as the income from the trust distribution equals the losses in the trust due to depreciation, then no tax is payable on that. If there is any money left over, that can then be distributed to me.
For those that are lucky enough to recieve some income without going through PAYG, this could be a solution. Does anyone have any comments on this?
Another way to receive income into the trust directly would be to contract our your services through the trust. Maybe this can be organised with your employer, ie 20% of your salary is paid to your trust because your trust provides an invoice for services. Someone should check to make sure that is legal though, but I think because the invoice is in the name of the trust, it should be fine.
I would still like to know how someone could deal with losses in the trust when they don’t have this option availiable to them. Can anyone suggest anything here?
