Forum Replies Created
Chris,
In Australia I’ve had different advice re buying a home in a family Trust (HDT in our case) and then renting the home from the Trust on a long-term lease. In our case we won’t live in the house for a few years, but this was not in my understanding something that made the above possible.
The advice is only a month or so old and has come from a prominent accountant that posts on this and at least one other forum.
I’m no accountant, so I don’t know who is right or wrong, (and perhaps it’s not that black and white), however, clearly some different views out there, and perhaps worth some further investigation anzion.
Regards,
Ralph
Hi matca,
I’ve just setup a trust and bought (settle in 7 days) an ip through it. Lucifer covered the first couple, I agree on gatherum goss, that is who I used. I recommend Trust Magic by Dale gatherum-goss, it will give you all the reasons / info you need to make your decision on using a Trust, personally I think it is the way to go.
I set mine up from overseas and including getting comfortable with doing it etc. needed around 90 days. Allow 60 days from the “go” if you’re in Oz and it should be fine (don’t let it conflict with an IP settlement). I did mine concurrently and have made the deadline, but a few shorter finger nails!!
I use an ANZ GST business account for my Trust which avoids fee’s, sure other banks can offer similar.
wrt buying in your own name and then moving the asset to a trust, – I believe you’ll hit stamp duty and maybe CGT. In short, it’s not worth it to buy now and transfer later, if you can do it right from the start. Do the research on the Trust (you can read Trust Magic in a w/e, also heaps of discussion here and on the Somersoft Forum (hope it’s OK to say that!)). It won’t take long and you’ll not regret it.
Cheers,
Ralph
