All Topics / Legal & Accounting / Ideal set up, to purchase second house ie. purchase in my name?
Hi Everyone
I am in the process of listing my PPOR for rent and moving into my partners house short term.
We have been actively searching the last 4 months to buy a property either to move in and make a family home or a property to move in/ renovate and re-sell – which way we go, we are not fussed, depends what we feel is right.My PPOR is currently in my name and we have all intensions to purchase the next house solely in my name. A friend of mine has mentioned that if I have two houses in my name, that I am liable to pay land tax on the properties and suggests that I shouldn’t buy in my name.
Could I please have your suggestions/ pros/ cons how I should purchase the next property, i.e. in my name or should I be setting up a company or another idea?
FYI – My partner has his own business and we don’t want it to go in his name, in case he gets sued or his ex-somehow can get her hands on it.
Thank you in advance everyone
You need to seek specific legal advice on this as too many variables. Which ownership structure will also depend on the state of the property too (NSW etc).
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
Thanks Terryw, it would be Victoria.
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