Does anyone know of a good accountant in Perth that has experience and knowledge of property investment? I would prefer to talk to someone in person and am looking for someone who can advise on the correct structure to by and hold investment properties, asset protection, depreciation, capital gains, GST, tax minimisation etc. Any help would be much appreciated
Structure and asset protection can only be advised on my lawyers as it involves legal advice.
Do a search for ‘brett davies lawyer’ he also knows tax.
Thanks Terry will do. I was thinking that an accountant could advise on that as well so good to know
Most accountants think they can advise on trusts and asset protection etc.
But when you think about it they don’t have the knowledge or authority. The tax agents act only permits them to give legal advice on commonwealth tax.
Asset protection advice involves knowledge of the bankruptcy act, conveyancing acts, family law act, equity, trusts, succession law etc etc.
Trust law involves knowing equity, common law, state trustee acts, tax law, family law, succession law etc etc.
Trusts are just a legal relationship but accountants generally think they are entities!
Thanks Terry. Do you know any lawyers who specialise in this field? I imagine that accountants would be able to advise on the tax implications of trusts. I also wonder whether there are any issues with getting a loan with a trust and also the negative gearing and capital gains tax associated with trusts.
I am a lawyer that specialises in structuring. If you want one in WA Brett Davies maybe a good one.
accountants, if they are tax agents, can advise on the commonwealth tax aspects – not land tax or stamp duty.
Yes there are various issues with getting a loan ‘in a’ trust. but generally it is not much harder than the individual getting a loan.
Trusts can negative gear, but the loss in a trust cannot offset your personal income.
trusts stream income out so don’t have to pay tax generally. If a beneficiary is a person the 50% discount may be available, but not if a company.
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