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Need some advise please Folks !

Discussion in 'Accounting, Tax & Legal' started by AUSSIEMAN, 10th Nov, 2010.

  1. AUSSIEMAN

    AUSSIEMAN New Member

    Joined:
    10th Nov, 2010
    Posts:
    4
    Location:
    Tweed Heads. N.S.W.
    Hi Folks,

    I have just joined this Forum, and this is my first Post, so if anyone can help, it would be appreciated thank you.

    I am an aged Pensioner, and the only income i have is the Pension every 2 weeks.
    I am expecting a large amount of money very soon from a Currency i purchased some time ago, so when the time arrives, i will have to exchange it from U.S. Dollars to Australian Dollars.

    Would this come under Capital Gains Tax, and i have been told i could pay 45% + 1.5% Medicare Tax on this money, and this would take nearly half of what i get, and as far as i'm concerned this is daylight robbery.

    I know nothing at all about minimising tax, and i have been told by some of my friends to set up a Discretionary Trust and a Company Attached to the Trust, and this would bring my tax bill down to at least 30% instead of 46.5%

    I do not own a home, or any land, and i just rent a small one bedrron flat under some friends house, so if this is the right way to go, could i buy some land, and build my new home in the name of the Trust, then rent the home off the Trust please ?

    I have been told i can do this by friends, but i just want to make sure this is correct, and if this is the best solution to my problem when i get my money.

    As i said, i know nothing about all this, and would like some direction from someone that knows, or can put me in the right direction with some good Accountants in Brisbane, or the Gold Coast that really know what they are talking about on this matter.

    Thanking you for your response.

    Regards,

    AUSSIEMAN
     
  2. PJCA

    PJCA Member

    Joined:
    30th Oct, 2009
    Posts:
    18
    Location:
    Adelaide
    A "large amount of money" to some is $4,000, to others it may be $4,000,000. There is too little detail in order to provide a meaningful response. What appears to be a foreign currency gain may be assessed as ordinary income - and it may well be too late for structuring decisions as the event is? water under the bridge.
    Obviously if you are converting from $US to $AUS there may be a significant loss of late due to the exchange rate movement which is not favourable in this instance.
    As you mention - seek professional advice.
     
  3. AUSSIEMAN

    AUSSIEMAN New Member

    Joined:
    10th Nov, 2010
    Posts:
    4
    Location:
    Tweed Heads. N.S.W.
    Thank you PJCA,

    Very much appreciated, and as you say, i will try and find a good Accountant who knows what he is talking about with this issue.

    Many thanks again,

    Cheers,

    AUSSIEMAN.
     
  4. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
  5. AUSSIEMAN

    AUSSIEMAN New Member

    Joined:
    10th Nov, 2010
    Posts:
    4
    Location:
    Tweed Heads. N.S.W.
    Thank you Superman,

    Much appreciated.. No, i purchased a big amount of Vietman Dongs a long time ago, and the way Vietnam is growing, i think i will win with the Dongs if i hold on to them a bit longer.

    I will have a look at your Blog, but i am not in to Twitter thank you.

    Regards,

    AUSSIEMAN.