im hoping for some advise. have no problems finding properties. but wanting advise on tax.. we are wanting to subdivide a property, build a new one, rent and hold this, and sell the renovated first property. My defacto partner has a CGT credit of $50,000 from a loss in Qld several years ago, so he would be ok. However he needs my income to get the loan and service it. By selling one of the properties I would then be liable for CGT too? how does it work. Can We both claim a variation for positive gearing? should we be looking at trusts, or joint ventures to minimize my part of the CGT?
hoping for help many thanksMaybe you could use a discretionary trust with both of you as trustee. Both incomes would therefore be used to calculate serviceability. The CG could then be distributed to the person with the loss first.
You also do not mention if these will be investments only or a mixture of both.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
