Hi all I am 22 and have just started to get in to property I have one property that is positive return due to being in the military and was posted to vic so my unit in Darwin was left to rent and worked out to be a positive return.
Now that I have moved to vic my parents and my spouse have decided to join my adventure and make a partnership out of it.
In doing so the suggestion of using a family trust came about for tax and liability problems etc. What I am wondering is has any one else used this approach with a trust fund etc and if than had any suggestions.All comments are greatly appreciated.
WarrickDrew
[email protected][biggrin]your on the right track – a family trust in your situation is the ideal. It would help on tax purposes. it will just cost around $2k. Ultimately, do a search for your topic in all the forums – this topic has been covered before.
Kind regards,
George.“If You never never ask, you’ll never never know”
I agree that it would be a good idea to look into setting up a trust. First get a book called “Trust Magic” avialable at http://www.gatherumgoss.com and study it to get a rough idea of how trusts work, and then go and see an accountant. Trusts can be set uo for as little as $275, but an accountant will charge a lot more.
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
Hi Warrick,
My accountant set up my family trust for $330 including GST! He sorted the ABN and all the tax office stuff as well as the trust document etc.
Cheers
CDCastleDreamer
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