rental income to son

Viewing 7 posts - 1 through 7 (of 7 total)

investron
Member
@investron
Join Date: 2003
Post Count: 92
March 24, 2004 - 6:23 am
Thinking of buying i.p. with son.
What is the best way to do it, so my son (over 18 years) gets all the income.
Can it be done without too much trouble. T I A.
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
March 24, 2004 - 6:47 am
Easiest way is to put it in his name.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
investron
Member
@investron
Join Date: 2003
Post Count: 92
March 24, 2004 - 7:01 am
Thanks, I thought about that.
Son not mature enough to have full control yet.
theloanarranger
Member
@theloanarranger
Join Date: 2004
Post Count: 47
March 24, 2004 - 9:45 am
Why not buy it 99% his name, 1% yours?
Voila! He gets 99% of the income/deductions, etc but you both would control the loan/asset. (He can kiss the FHOG goodbye tho..)
theloanarranger
geo
Member
@geo
Join Date: 2003
Post Count: 1,194
March 24, 2004 - 12:23 pm
hi,
could set it up as a trust where your son is the sole beneficiary and you are the director – meaning you make all the decisions regarding it but your son benefits totally from it.
Kind Regards,
George.
If You never never ask, you’ll never never know”
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
March 24, 2004 - 9:11 pm
Originally posted by investron:
Thanks, I thought about that.
Son not mature enough to have full control yet.
If you are concerned that he might sell you could always lodge a caveat.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
darrenonsnow
Member
@darrenonsnow
Join Date: 2003
Post Count: 3
March 25, 2004 - 2:41 am
Resposibility breeds maturity.
Lend him the deposit.
Write up a contract between the two of you that serves you both for the future return of your money.
He gets the mortgage and takes on the responsibility to the bank that wants to deal with him.
He buys the house.
He is eligible to claim the FHOG from his government
The house is then his.
He has the responsibility to really learn and make it work. He will see the numbers as they reveal the real benefits of property.
Doing is where we learn.
Make it Real.
Do business with him holding the vision of the fantastic man and investor he will be very soon.
Know inside yourself that you facilitated this, while realising that it is He who will make of himself what he will.
Responsibilty is the key in my experience.