LAQC or Tust? Which is the better option?
Question from troy dobbs updated on 6th January 2009:
Our expert responded:
The short answer to your question is how long is a piece of string? Entity structuring is an art, not a science. There are definitely some wrong answers but the right answer depends on a number of variables including your plans for the future (personal and business), whether you have a partner or children (or plan to in the future), what other investment strategies you might take on and so forth. Only once you have answered these questions and others should you get any advice on the right entity to use. Regardless of the entity, you can claim GST under the second hand provisions of the GST Act on the business portion.
Kenina Court is a director of Acorn Solutions Limited, an accounting firm dedicated to working with clients to help them create wealth. She is an avid property investor, entrepreneur and seminar presenter on asset protection and wealth strategies.