Recent content by NickM

Hi Everyone, I have not had time to read all of the thread as it is quite long and as Mry correctly stated it is a busy time for accountants. I believe Joanna is correct in accounting for the sale of each unit on an apportioned basis. ie each unit has profit inherent within the sale price...

I guess the theory is that we want to use the trust for asset protection and say that we do not benefically own the property so to then tell OSR that we are beneficial owners and get the threshold would be a contradiction. mind you a contradiction that would help our back pockets anyway nickm

My interpretation is as follows: A fixed unit trust owned by individuals will be grandfathered providing the land owned is up to $1mill only. ie will receive tax free threshold. The units need to be owned by individuals - not a discretionary trust A HDT will continue to be treated as a...

yes Dale that is right Grego - do you mind scanning or typing up the testimonial ? Thanks Nick

New Developments ! For those that may think that Batten or I have it wrong you may be interested in see in the latest press release from the OSR. If you follow the link below you will see the OSR and State Treasury Officials opinion...

As I stated guys, it was Chris Batten who worked on this not me. I am just passing on the info ! Nick

Chris and I - along with Coasty Mike and Dale just want to ensure that our clients (and you guys) receive the right information. Unfortunately, we saw a cloak and dagger approach where information was not being readily provided. Mike and I have been in contact with Chris frequently in...

“I have spoken to Chris Batten about the Property Investor Trust (PIT) and with Chris’s permission have reproduced an email I have received from Chris today. Dear Nick I have seen the PIT Deed and can confirm that it is a hybrid discretionary trust that has the ability to direct income to...

In addition to incorrect rates being used * Depreciation calculated for the entire Fin year when the IP was purchased part way through the year; *Not classifying small items into Low Value Pools where possible; Here is a classic ; I have 1 client who owns 2 units in the same complex, 1BR...

If it was a residential property then it is a breach of the SIS Act. A SMSF cannot acquire a residential property from a member. - BIG PROBLEM:eek: RBL will not apply as it would probably have been an undeducted contribution. But first issue is a real problem CGT and Stamp duty would...

In our Practice we see a fair number of QS reports. I can almost guarantee an error by looking at the front cover. There are some real dodgy depreciation reports out there. Some investors annoy me immensley. They are spending several tens / hundreds of thousands of dollars on an IP and...

mmm very interesting i have heard a lot about this Prop Inv trust but cannot really pass any comment as i have not seen the trust deed. It appears to look and smell like a HDT but with the added benefit of the land tax threshold. Unfortunately, it has not yet been tested and the OSR will...

Guys You have all done very well in covering the issues on Disc V HDT Apologies for my absence from the forum. I must admit that i am a little confused. I have had 3-4 clients come into my office who are now Ed Burton "asset protection specialists". I am happy to see them but why come and...

Hi Tracy I will try and provide a simple explanation A Hybrid Disc trust is where it is effectively a discretionary trust with the ability to issue units. A Hybrid Unit Trust is a unit trust with the ability to distribute income with discretion. A HDT is suitable for negative geared...

We still have a few spots available for our next seminar on Monday 2 May if anyone is interested.