Robert Kiyosaki and Dolf de Roos both advocate shetering one's property investment "empire" within a legal entity other than yourself (the individual or sole proprietor), eg. a corporation or some form or other.
I realise that their advice is based on their experience in the US (especially Robert K) but they reckon that the principles of the taxation benefits are the same in most countries. Certainly Australia is one of the areas where they claim this to be true.The main reason sited is TAX BENEFITS. I get the impression that its easier to justify certain expenses as business expenditure when its done via a company or corporation structure than when its done as an individual or sole proprietor.
I have read many denials of this, but the idea makes sense partly due to the fact that one's personal accounts are then completely separated from those of your business entity.I'm about 3/4 way through Steve McNight's book "0 to 130 Properties in 3.5 Years" and havent come across his recommenations yet on this subject – if any at all. Does he discuss this in any of his books at all?
I would imagine that he's be more than qualified, given both his experience as a property investor as well as his experience and qualification as an accountant/audtitor.
THOUGHTS and ADVICE from anyone and everyone would be most welcome!
ALSO, could anybody please advise on who I could approach as an accountant in the BRISBANE area who could advise me and assist me with setting up the appropriate structure to get my property investment business going?
thanking you all in advance
NeilHi Neil
Not quite Brissie but you can try Steve Hodgkinson who is a Partner at the Gold Business Group In Southport.
Steve has been my Accountant for 12 years and my business partner in a property business we around 7 years.
Has many properties himself. He can be contacted on 07 5532 2855.
Tell him i referred you as most good Accountants are not taking on new clients and you wont get past the receptionist.
Let us know if you need a hand financing your acquisitions.
Richard Taylor | Australia's leading private lender
thank you Richard – I appreciate the contact details.
ANYBODY with some ideas on the subject i raised here about corporation structures that they themselves use and why??
Steve talks about it a fair bit in 0-260.
Great!
i'll finish the 0-130 one then and move on to the 0-260 book …
cant wait!
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