Commercial Property Taxation Issues

Hi

Am new to this. Need some help. We have bought 50% of commercial property.

We have 2 loans – 1 is 50% of a 30% deposit. ($112,500 our share) (in my husband and my name secured against our home used against this loan).

Then the next loan is joint with other owner. (total of loan is $525,000 – of which we owe 50% $262,500)(2 family trusts – ours and the other owners own this property. (the loan secured against the other owners business).

We will get rent paid into trust and then this will pay the exact amount owed by the joint loan 525k amount or our 262.5k amount. So we only have to pay repayments on our deposit loan of $112,500.

We have two TFNs one joint one separate.

Not yet settled but offer accepted and settlement in Sept. We have taken early occupancy but settle later.

We completed renovations at 25k total and paid stamp duty at 17k.

We completed tax last night our H&R block man annoyed we set up a family trust. As He believes we will have negative geared trust? We wont be able to get any money back and the 25k renos and 17k stamp duty sit in trust until we sell.

Help help help – what can we do?? The H&R block man thought we should of bought property in our own personal name and then could claim against our personal income. Are there ways to manage the trust better or to suit our situation, I guess claim expenses at tax time would be helpful and how to make trust have money so positive gear??

Any input be helpful as new to this.

Thanks