I have been listening to steves wealth guardian and was wondering if it is better for someone starting out to own a property as in individual with liability insurance first. Then set up a trust with a corprate trustee when I have sufficent cashflow?
It is probably best to start with a few in your individual names. You may not go any further than this. If you later decide you are serious, then you could go to the expense of setting up a trust. But all the cashflow from the intial properties will not be able to be diverted to the trust without you selling to the trust and this could mean stamp duty and CGT issues.
Incidentally, you can set up a trust for as little as $135 plus stamp duty. see http://www2.cleardocs.com/
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
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