Last week I read “Rich dad, poor dad”, and the book insists on “owning a company” for tax minization purposes. Considering that Kyosaki is American, how applicable it is for Australian taxation?
Let’s say we want to start buying IP. Does it really worth opening a company for such a purpose?
If the answer is yes, whom should I get for a bookeeping – bookeper or a proper accountant?Thank you all in advance,
Colobok, it really depends on your personal circumstances. You really should speak to an accountant before setting up a company. Alot of things that are written, whether it be by Kiyosaki, De Roos, etc can refer specifically to their country of origin. For example, Kiyosaki will tell you how you get a tax deduction for the interest on your own home loan. Now this may be true for America but does not really apply here. Happy reading all the same & that book will make you start to think a bit differently.
Hi Colobok
I run my own bookkeeping business and if there is one thing that every client has said to me is that it is way too expensive to get an accountant to do what a bookkeeper can do for a quarter of the cost. A bookkeeper can still have everything organised and ready for you when it comes time to visit your accountant and you will save yourself heaps. Am happy to answer any more questions you might have or help out in anyway I can…
Cheers and have an awesome dayKerry Paker has alot of companies…
So it is applicable to Australia.
Usually with property we use a trust with a company being the trustee for a vareity of reasons (such as asset protection, taxation, etc).
Of course always speak to a good accountant.
Hellman, I am scared that you see what Packer etc are doing & that this must be right. Just remember that they also go bankrupt but this does not mean it is applicable to everyone in Australia. Yes trust are also used but may not be needed by all. As I previously suggested, speak to an Accountant & Solicitor to see what is appropriate for yourself.
What has Kerry Packer got to do with a basic question of whether to hold your ip in your personal name or as a company?????
As others have said it would depend entirely on your personal circumstances (what type of property are you buying, how much etc.etc.) but if youre like most starting out do you really need to get technical by bothering with company’s etc??? For one thing, it costs a s**tload more to comply with the myriad of statutory obligations not to mention the increased difficulty in applying for finance. Anyway, in most cases financiers will require director guarantees, which if i’m correct cancels out the benefit of owing under such structure anyway.
At any rate, get professional advice before you do anything.
Eric
A company is usually NOT the best structure.
See an accountant and ask about trusts, ensure you find one that is experienced in this area. I can give you several if you need one.
There are all sorts of different types of trusts.
A bookkeeper is fantastic at keeping books but probably not the best choice for structure advice.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Mortgage Hunter:A company is usually NOT the best structure.
See an accountant and ask about trusts, ensure you find one that is experienced in this area. I can give you several if you need one.
Mortgage Hunter, could you recommend any good accountant in Melbourne (West, CBD) or Ballarat?
Thanks in advance,Not in Melbourne – mine are all in Sydney.
I think Mobile Mortgage is out your way – why don’t you drop him an email and see if he has one.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I would recommend seeing Dale Gatherum Goss who is in Kilsyth. I don’t use him as my accountant, however I went to see him last year about asset protection and found him very informative and helpful. I think your first appointment is free (as mine was last year, however this may have changed?).
Good luck!
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Hi Colobok,
Talk to Dale G at Gatherum-Goss & AssocPostal Address: 1 & 1A, 87-89 Colchester Road,
Kilsyth, Victoria, 3137
Phone: (03) 9723 7699
http://www.gatherumgoss.comRegards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Gatsby,
Snap’
CheersSteven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
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