Home – New Forums Money matters After having ATO field officer in my place. Reply To: After having ATO field officer in my place.

Marc D
  • Total posts: 78

Hi tndfloor,

One long life asset i can think of is the building you are probably sitting in. 40 year tax life if my memory is correct..

If you are in construction then you really need to be operating as a Company or as a Discretionary Trust with a Company Trustee. While its a protection against bankruptcy, which is common in construction, its also a (some) protection against disaster. I am thinking here of a roof beam collapsing (as it did in Adelaide a while back), balconies collapsing, floors collapsing. It happens with frightening regularity and is often not the builders fault (materials or design often) but they take the brunt of it.

A partnership is a poor business structure for most businesses. It sounds like some of the accountants you have seen have been giving you correct advice but you are choosing to ignore it?

Having said that..advice is advice…its the entrepreneur that makes the decisions and lives with them. I hope you can find an accountant you can trust and work with as that makes things easier