Howdy,
I’m looking at committing to an investment property early this year and would like to utilize a family / discretionary trust for both income splitting and asset protection.
I’m also looking at purchasing a family home and would like to protect it as well, but understand that if I purchase this under a trust that I will be up for the annual land tax as there are no exemptions for land tax under a trust – even if it is your principle residence.
Could someone please confirm.
Thanks
I beleive you are correct.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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 think that is correct on your principle home
Also you need your trust set up correctly.Ihave looked into this big time and found my trust is not worth the paper it is written on 95% i bet of accountants and lawyers wouldnt know how to set it up Bullet proof way.And when i asked for a refund no go still did not believe me.
This is just from my experience.
Let me know i can get you to a correct trust set up.
Regards
toldu[cigar]What do you mean your trust is not worth the paper it is printed on? That is curious statement.
AS for your landtax bill, that is correct, you will be paying land tax on the property. YOu can’t have your cake and eat it too.
Byronent
Adelaide SA
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