After reading the thread at https://www.propertyinvesting.com/forum/topic/19186.html I’ve realised that I too should be looking at setting up the appropriate business structure before buying my first property.
I’m currently saving the deposit (at 1k a month) toward a PPOR. We intend to buy a place we can improve and then rent out after 6 months or so.
I have access to FHOG. My partner would have to be not on the paper work for us to get FHOG as she has previously bought (and sold) a house. Can I still have a trust structure set up to buy the PPOR house if the intention is for it to be an investment 6 months or more down the track.What kind of trust do I need and who can help me set it up (I live in Hobart). How do both my partner and I receive profits from the trust? Can I make use of FHOG if the house is bought by the trust?
More stuff on the voigtstr at http://users.bigpond.net.au/voigtstr
Quote:Originally posted by voigtstrCan I still have a trust structure set up to buy the PPOR house if the intention is for it to be an investment 6 months or more down the track.
Yes, a trust can own it and you can rent it of the trust, then when you move out a new tenant moves in. I am unsure of FHOG though. Don’t think so.
What kind of trust do I need and who can help me set it up (I live in Hobart).
Depends on the return of property and personal circumstances which type, possibly discretionary trust or hybrid trust.
How do both my partner and I receive profits from the trust?
You become beneficiaries of the trust.
E-mail me if you want to talk.
Hope this helps
CATA
Asset Protection Specialist
[email protected]I think it has to be bought in a ‘personal name’ for the FHOG..ne of the Mortgage Brokers on the Forum will know for sure…
Who is eligible to receive the Grant?
A first home buyer who fulfils the criteria below:
At least one of the applicants must be an Australian citizen or have permanent residency in Australia. New Zealand citizens permanently residing in Australia, who hold Special Category Visas, may also apply.
None of the applicants or their spouse/de facto can have previously owned a residential property anywhere in Australia prior to 1 July 2000.
For eligible transactions entered into between 1 July 2000 and 31 December 2004, an applicant or their spouse/de facto cannot have purchased a property and occupied that property.
For eligible transactions entered into on or after 1 January 2005, an applicant or their spouse/de facto cannot have purchased a property and occupied that property for 6 months or more.
For eligible transactions entered into between 1 July 2000 and 31 December 2004, applicants must occupy the home purchased or built as their principal place of residence within 12 months of the date of purchase or completion of construction.
For eligible transactions entered into on or after 1 January 2005, applicants must occupy the home purchased or built, as their principal place of residence for a continuous period of at least 6 months commencing within 12 months after completion of the eligible transaction.
Except in cases of legal disability applicants must be natural persons (that is, not a company).
Everyone who on completion of the transaction will be an owner of the home is considered an applicant.
Applicant(s) must be at least the age of 18 years at the time of making application for the grant.“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi Cata
Are you in sydney I would like to talk about unit trust and assett protection for my trusts.
If yes to above then we may talk at the meeting on sept 11here to help
FHOG: Eligible applicants must be natural persons, who are Australian citizens or permanent residents, who are buying or building their first home in Australia
I’ll get the first house as PPOR in my name and subsequent houses, I’ll look into the best trust structure.
Cheers and thanks for all the info
Originally posted by grossrealisation:Hi Cata
Are you in sydney I would like to talk about unit trust and assett protection for my trusts.
If yes to above then we may talk at the meeting on sept 11here to help
Hi GR
I am in Brisbane and will be on a plane on sept 11. I know good day to fly but am going to see a man overseas to talk about offshore mutual funds.
Should be interesting.If you want to talk just e-mail me.
CATA
Asset Protection Specialist
[email protected]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
