radracerMember@radracerJoin Date: 2010Post Count: 6Alistair PerryParticipant@aperryJoin Date: 2004Post Count: 891PandaQiQi wrote:Hi all,
I'm a newbie to this site but already enjoy reading from this forum.
I have a BIG favour to ask. Does anyone know of a good property accountant in Melbourne? I have started my invenstment portfolio few years ago but only start reading books on Property Investment recently. I have a family accountant who doesn't like giving advice and who hates the idea of setting up trust.
Here are my current situation and I really need help to get the structure right before is too late
1. I have a PROP value at $500K (owe 360K) and IP value at $320 (owe 250K) under my own name
2. Started family partnership 6 years ago. We only buy CF+ commercial properties. I only have small portion in this portfolio but nevertheless is a starting point for me.
The problem is I do not have any asset protection strategy in place and from my reading I don't think I should have done everything via my own name.
I've been asking my family accountant for advice and he reckons setting up and maintaining a trust is very expensive and will eat up my return in long run. Anyway, took me a good 12 months to convince my family to stop using him (he's a close friend of my uncle)
Now I desperately need to find a good property accountant. I'm 27 so I guess I still have time to reverse and learn from my mistakes.
Thanks in advance for the help.
If you are looking at risk management and asset protection as a significant part of the advice you want, you will need a lawyer and a financial advisor as well as an accountant. It's not an easy tak putting a capable team of consultants together, especiually as most have no interest and little experience in property investment.
In terms of an accountant I use Mory Kalkopf at Guests Accounting in Caufield and can't speak highly enough of him, I also know Mark Unwin pretty well, he is a very good accountant and a great guy as well but often does not accept new clients. He's still worth a try.
AlistairWindsailorMember@windsailorJoin Date: 2011Post Count: 2Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069BigbearParticipant@tathoiJoin Date: 2014Post Count: 1
My post may not truly related to the good accountant, but something may worth to bring it up.
Recently spoken to my accountant wrt property development, my accountant advice to purchase property under personal name instead to run a project under a company.
Just wonder if anyone has the experience about property development?PTSMikeParticipant@ptsmikeJoin Date: 2015Post Count: 8
An old thread but a good question. What do I do when I’ve purchased assets in my own name and then enter into a business with a risk of being sued. Asset protection has become an important issue.
Of course the first point of a call is a lawyer who can give legal advice on structuring. Worth discussing with them the benefits of moving to a trust (need to account for stamp duty on transfer and in particular ongoing land tax obligations as many states don’t have thresholds or higher land tax rates for assets held in trust).
Maybe worth looking into a gift and loan back strategy. Of course the bankruptcy clawback provisions need to be considered as part of it as well.
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