Hi all,
Can anyone recommend a good accountant in Melbourne, who is familiar with setting up trust structures? I am looking for advice on setting up a trust with a corporate trustee, which i intend to use to purchase property for development.
I have been to see Jason Cunningham from “The Practice” (who will be speaking at this years mega conference) and i am looking for a second opinion on their advice, as well as a price comparison in regards to set up costs.Thanks a lot!
I always recommend James from House of Wealth for my Melbourne clients.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jamie which accountant do you recommend in Brisbane for setting up trusts?
Bec
Hi Bec
Richard Taylor (QLD 007) will be able to help with that one.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks Jamie,
I’ll give them a call.Cheers, Rob
Mark Unwin – Kew Melbourne
http://www.mjua.com.auIan
http://www.theblockblog.com
Free Property Investment Info, Tools & Resources for Investors With A Sense of HumourThanks Ian,
Have you used Mark Unwin before? And does anyone know how much a trust should cost to establish, along with a company to act as trustee?
Hi Rob
I really think trusts and companies should be set up by lawyers because legal advice is necessary. Tax advice is needed too and this can be handled by the lawyer or a tax accountant.
For example, do you know the duties of a director under the corporations act? Do you know what happens on the death of a person behind a single director/shareholder company?
Did you know that you could lose control of the trust? Look at the current Gina Reinhart case.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry,
You raise some good points. I actually hadn’t thought of contacting a lawyer to get this set up.
I just got off the phone with my solicitor, who has told me he doesn’t set up trusts…
I also just rang Mark from M.J. Unwin & Associates, and have been told they are not taking on any more clients at this stage!
Finding a good accountant is proving to be a lot harder than i thought!
Still waiting to hear back from House of Wealth..Can anyone else recommend a good accountant with structuring experience? or perhaps a lawyer as Terry has suggested? Or can anyone comment on what they may have paid to set up a trust, as well as a company to act as trustee? Kind of just want to find out if what i have been quoted is reasonable, as $2500 sounds a little expensive…?
In VIC Mooreslegal are the experts at structuring.
From an accountant I would say around $2000 for a company and trust would be about right depending on which deed they use. I am not sure what the stamp duty on the establishment of the trust is down there.
James from House of Wealth should be good because of his DNA. (james son of dale)
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks All,
James from House of Wealth was extremely helpful and was happy to chat over the phone!
Thanks again for the recommendation
Terry – $200 down here for stamping a trust.
Rob – Looks like l am little late. But would have been more than happy to have a chat with you.$200 ain’t too bad compared to Nsw
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thats what the state revenue office charge. How much is it in NSW? I am working on a feaso for a Syndey client at the moment.
$500 stamp duty in Nsw on a nominal settled sum. It was only $200 a few years ago too
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi All,
I am getting conflicting advice around trusts regarding land tax.
I am considering buying commercial property in this case.
I understand you can claim a reduction of land tax based on the land tax threshold ($350k land value threshold in Qld) making the calculation $1450 (for the first $350k) + whatever is above $350k land value x 1.7% = land tax payable per trust entity. However I am also told the law is likely to change meaning all trusts you own will have all land values addded and you receive only one $350k threshold allowance.
Can anyone shed some further light on this?The law is likely to change? That would be hard to predict unless the government has made some sort of announment re this.
I think you can only go on the current laws and to consider what the effects would be if there was to be a change.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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