purchasing in/through/for trust funds?

Hey Steve – love your signature – really great – “Knowledge is Power”

Hey Breakingout,

Best to set up not only a Company but to set up a Company Trust. The only real disadvantage from a partnership is the upfront costs of around $1,500 – $2,000 and that it gets taxed at a flat rate of %30. But the advantages are many as Steve said – especially the legal liability.

Best advice I can give is to speak with your accountant and solicitor. I spent 30 minutes the other day talking with my acccountant – asking him everything and also spoke with my solicitor – they are a wealth of knowledge and support. To explain everything here, would not be viable.

But ask them questions to explain such things as:
– Discretionary Trust
– $1 Share
– Shelf Company
– Trustee and Trust
– Beneficiary

Note that if you already have properties in individual names, you will incure double stamp duty to transfer these properties into your Company Name. The other thing you could do is Purchase Steve McKnight’s ‘Wealth Guardian’ – that talks alot about Company’s and Trusts. Best of Luck.

Kind Regards,
George.

If You never never ask, you’ll never never know”

when I aksed my solicitor he said speak to my accountant, when I asked him, he said talk to your solicitor!

Anyway, I did not start off with a trust or company, although I now have a company. I really didnt expect to have bought three properties within a few months, so it had to be in my own name as I was not structures. Given I am single, I dont see it as a major problem, but the next lot will not be in my sole name….

Elves