I have a property in my name and have reading up different structures for different purposes to help benifit myself. I haven’t spoken to an accountant about this and the one I’ve used in the past I belive would have no idea on the matter. She simply believd in buying. neg gear, then wait until I can afford another every couple of years. How can I transfer this property I have into some form of trust then possibly refinance although I have 18 months to go of a 3 year fixed interest loan. (didn’t know much at the time) I’m a single bloke living in Newcastle who is interested in investment property as vehicle to fund my retirement. Any thoughts or direction or people I could talk to put me in the right direction would be great. Cheers.
If the property is already in your name you can’t transfer the title without paying stamp duty (as though you’ve sold the property to the new title holder).
I’m in the same boat with my first property, and I’ve decided to just leave it as is and buy properties in trusts from now on. One set of deductions now and one potential income stream in the future are acceptable to me rather than paying the stamp duty penalties.
If anything I’m more concerned with the lack of flexibility in relation to drawing on the equity (since my property is all about capital growth). But I have a feeling that it’s going to be ok because I’ll need cash for investment purposes from time to time in which case I can draw on this property’s equity, and if I need spending money I’ll draw on equity from another property held in a trust etc. It would have been a different story if I had 5 or 10 properties (especially capital growth properties) in my name.
If asset protection is a concern then there are ways to protect an asset owned in your own name using trusts without actually owning the property in a trust.
E-mail me if you want to talk. I will be away until 18 sept but after that is ok.
CATA
Asset Protection Specialist
[email protected]What benefits are you looking for..
Asset Protection
Walth Creation
Retirement Planning
Estate or Succesion Planning
Tax Planning?I’d suggest First reading through some of the older posts on the Forum (use the search function), then posting questions to different areas of interest..I’ve always found there are some very knowledgeable people on the forum..
REDWING
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