All Topics / Legal & Accounting / Using a company

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of mackkamackka
    Member
    @mackka
    Join Date: 2012
    Post Count: 5
    August 9, 2012 - 1:17 am

    A question for people familiar with companies.If i own a company can I purchase a house with the company and rent the house back to myself. And can I purchase the house off the company for myself some time in the future.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 9, 2012 - 2:46 am

    yes but many issues such as
    fbt
    cgt
    stamp dut
    asset protection
    etc

    not worth doing

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Dan42Dan42
    Member
    @dan42
    Join Date: 2008
    Post Count: 619
    August 9, 2012 - 5:30 am

    Yes, you can, but as Terry points out, you will pay CGT on the sale.

    And you can't sell it at a discounted rate, as the CGT will be calculated on the market value at the time of sale.

    I agree with Terry, it's not worth it.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 9, 2012 - 5:41 pm

    forgot to add land tax to the list too

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.