Getting the right advice

[Jaberwoky]

Hi all,

About 4 months ago I purchased another IP and thought it was time to get some sort of a structure happening. In total two IPs in my name, 1 with a partner in our own names and another in an LACQ( 3 of which I'd like to develop). I asked my accountant who was referred to me to plot me a path. He summarised the here and now for me which was a little helpful. But really he failed to deliver me what I was after- a path to develop a property empire.
My goal is to work partime and develop a healthy empire- I need a mentor. many advisors seem to line thier own pockets with little commitment ( my experience).
Can anyone put me on a path to getting a wholistic approach to my situation- I need stuff like projected cashflows for developing properties whilst keeping the banks happy with an income. I'm a tradesman so I'd be working on the project part time-- Tax issues , asset protection.
After paying so much for what seemed to be only the tip of the iceberg, I'm left thinking If I'm not careful these guys'll be soaking up my deposits.
Has anyone had much success with an advisr/advisors who can paint a realistic and wholistic picture and provide value for money??? Thanks a lot guys

Cheers

Jab

[Marney]

I know what you are feeling, Jab. I would also like to locate someone who could have a chat about my affairs and say, "This would be a good way for you to go."
Does anyone know of anyone is Australia who could help in this regard?

[masteraccountants]

Hi Jab,

Interesting nickname! Either you've watched Paul Hogan in Crocodile Dundee or you know something of the Aboriginal dreamtime stories.

It does sound you like you only got part of what you wanted from your accountant. Most accountants will offer you a one hour free consultation, and this serves at the very least to see if they can assist you in the way that you want, talk the same language as you and add value for you.

I am no different from most accountants in offering that same one hour free consultation. I do have extensive experience in rental property investing in my own right and also assisting many clients in that area. I also have extensive experience in the building construction industry and, more recently, in wrap mortgage accounting & tax and setting up structures to avoid tainting of rental property gains.

This may be an issue that your accountant should have broached with you. Where your property investing starts to look like property dealing to IRD, the profits on the sale of rental properties becomes taxable - it is no longer regarded as tax-free capital gains.

When you are planning a property empire, it sounds to me that you will be buying and selling a fair number of properties on a regular basis, so you may qualify as a dealer in land, as IRD term it. You may be doing them up and flicking them on at a profit, with or without renting them out. You can quarantine your rental property and property dealing businesses with the right structures. If you don't have the right structures, you will pay more tax than is really necessary, meaning you achieve your goals later rather than sooner.

If you are in Auckland, you may seek me out for the free consultation. Otherwise, you could try private emails that would be treated in the strictest confidence as in an accountant/client relationship. If I think that I can assist you, we would then talk about services and appropriate charges.

Chris
www.masteraccountants.co.nz