OwnHome replied to the topic Have a Family trust set up, what next ?? in the forum Legal & Accounting 14 years, 4 months ago
Hi Terry,Thanks for the prompt reply.The trust is buying investment property from us. We will move out to the new place. So no Tax complications from ATO.Can the Trust claim the expenses(ex: carpets,painting etc) and interest at the end of the year or when the property sold?Sorry I know nothing about trust and invesments, trying to find out wh…[Read more]
OwnHome replied to the topic Have a Family trust set up, what next ?? in the forum Legal & Accounting 14 years, 4 months ago
Thanks Terry, I should have been clear.
Terryw wrote:
a. Stamp duty is a capital expense, so it could only be claimed against any CG when sold.When sold to Trust or when the Trust sells it off in the future.??
Terryw wrote:
b. Depends what you mean by "we". You as an individual cannot claim interest on loan the trustee takes out to purchase…[Read more]OwnHome replied to the topic Have a Family trust set up, what next ?? in the forum Legal & Accounting 14 years, 4 months ago
Terryw wrote:
Villas would be counted. Land tax is payable on the land component only. Main residences are usually exempt and investment properties up to a certain value are exempt. I am not sure of the rules for WA, but in NSW there is no exemption for trusts. eg. In NSW you owned a house worth $500,000 with a land value of $300,000 there…[Read more]OwnHome replied to the topic Have a Family trust set up, what next ?? in the forum Legal & Accounting 14 years, 5 months ago
Do we need to pay Land tax even for Villas?? Our current property is a Villa in Perth
OwnHome replied to the topic Have a Family trust set up, what next ?? in the forum Legal & Accounting 14 years, 5 months ago
Hi Terry, Thanks for the word of caution.Yes, we are aware of the risks involved in the worst case. Not sure about the Landtax tho'We are currently building new house so we r intending to rent it out ourselves until the house is finished .I assume this should not be problem as it will be short term 6-8 months.The bank would not discharge the…[Read more]
OwnHome replied to the topic discretionary familoy trust to buy property before paying income tax? in the forum Legal & Accounting 14 years, 7 months ago
Hi Terryw , Myself n hubby live in Perth, own a villa. We are building a new property and want to use the existing one as an investment. Both of us earn ard same income 80K (permanent position) & 90K (contract job). We have a 3yo.Is it worth setting up a Family trust to hold the existing property as investment?Is it better to have Unit trust in…[Read more]