Hi There
My brother and I have just offered $250k to buy our first property – a reno job in ipswich.
After going to Steve's seminar the other week for property investors just starting out, he said it was imperative to have the right structure in place from the start.
I know I need to see an accountant about this, but we don't want to miss out on the property and we are meant to sign the contract today.
Basically, if someone could offer advice – we just want to know if we should put our name on the contract or our company name (which we haven't set up yet), or the trust name (same deal). We're not even certain how this should all be structured . . . but at the moment my brother is the only one who will get finance for the loan, so presumably he has to be on the contract as guarantor somewhere
Is it against the law to put a company / trust on the contract if it isn't set up yet?
how long does it take on average to set up that stuff?any help would be greatly appreciated
cheers
bill
A Company & Trust structure should only take 24 / 48 hours to establish and needs to set up prior to you entering into a purchase contract in Qld.
You are unable to sign the Contract "An or nominee" without running the risk of being caught for double stamp duty so need to be careful.
With regards to the Finance, if you are party to the title either a Co- borrower or as a Director of the Company you will need to be a party to the finance application.
It is imperitive that you get the structure correct prior to proceeding further. There will always be another deal down the track if you miss out on this one.
Richard Taylor | Australia's leading private lender
Hi Richard,
You seem the most knowledgeable person I've found thus far on this site…
Tax Qu. If you left the country (non-resident for tax purposes) and continued to negative gear, are the losses able to be carried forward each year until you return to claim them in a future tax return, or is it only captial losses that can be carried forward?
Any help would be much appreciated.
Chris
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