PAYG Income Tax Withholding Variation_Trust Struct

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hippo
Member
@hippo
Join Date: 2004
Post Count: 5
August 10, 2005 - 11:53 am
We brought an investment property via a trust structure.
The loan was taken out in our personal names and the security property is registered under the Trustee Company.
Under the above set up _who’s name would be listed on the Title Deed for this property ie. the individual or the Trustee Company?
As it is my understanding for the PAYG Income Tax Withholding Variation Form is only applicable if the Title Deed is in the individuals name, is this correct?
jparsons
Member
@jparsons
Join Date: 2005
Post Count: 91
August 10, 2005 - 12:23 pm
Should be: whoever as trustee for whatever trust.
Hope this helps.
Jarrod.
http://www.jenterprisegroup.com.au
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toni89
Member
@toni89
Join Date: 2004
Post Count: 125
August 11, 2005 - 9:57 am
I think it may be the individual. Better to check with the ATO. 132866. Then you will know the correct information
Cheers
Toni
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 12, 2005 - 6:14 am
The owner of the property would be the trustee, which is a company in your case. So the company name would be on title.
Claiming a taxation variation would still be possible because you have invested money in the purchase of units of the trust, and are able to claim a tax deduction on the interest on the money claimed for this.
It just maybe a bit more complicated than usual.
Terryw
Discover Home Loans
North Sydney
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