hi to everyone out there.CurrentlyI have three properties that are owned in my wifes name.I have a trust establised to run my previous business which is no longer trading. How can I transfer the ownership of these three properties to the trust to operate my properties as a true business and continue to expand and develop the business as a trust trading as a property business. I also need to do this to take advantage of a rollover loss incurred on the previous business.
Thanks to all those who read this and can offer any thoughts MJ4[
]I beleive you can’t do this without selling the properties to the trust. hence stamp duty and capital gains tax would apply. Depending on your circumstances, it may still be a good thing to do -check with your accountant.
Terryw
Discover Home Loans
North Sydney
[email protected]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
I was in a similar position and
was told to do this you can transfer
them over BUT you must pay stamp duty
on them as if you had just bought themyou will be hit with Stamp duty on the transfer……
MJ4,
You should seek professional advice looking at your whole situation and future plans before you transfer anything you already own to the trust. Your post implies that you intend to buy more properties. Why not just buy the positively geared ones in the name of the trust so the losses can be used up. Even as I write this I realise there may be many reasons why this is not the best strategy. You really need someone to look into your overall plans.Julia
[
]Thankyou Julia Terryn Kaloni and pelicaninvestments, appreciatte the advice. When making these types of choices its always pays to throw the idea around before seeing the professionals since sometimes they I look one way depending on their own beliefs. Once again thankyou
MJ4Hi to everyone out there.- Could anybody please help me with the following senario:
We own a businessunder a trust structure that last financial year ran at a loss, ie: a trading loss as opposed to a capital loss.
We are about the start buying & selling property under the same trust structure. How do we offset a trading loss against a capital gain? Is this possible ( I certainly hope so)? We will be selling the business soon so won't be able to just offset one years loss against anothers gain.
If anyone has any ideas or can direct me to some clever accounting types it would be greatly appreciated.(we are in the southern Gold Coast / Tweed area.)
many thanks
PaulaHi Paula
If you are looking for a great property Accountant on the CG feel free to contact my Accountant and good personal friend who is a partner at the Gold Business Group – Southport.
His name is Steve Hodgkinson and he can be contacted on 5532 2855
Tell him i referred you as most good Accountants are not taking on new clients.
Richard Taylor | Australia's leading private lender
]
]Thankyou Julia Terryn Kaloni and pelicaninvestments, appreciatte the advice. When making these types of choices its always pays to throw the idea around before seeing the professionals since sometimes they I look one way depending on their own beliefs. Once again thankyou
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