With a family trust on a property that is geared negitivly until tax time (i.e only positive after depreciation is claimed)
can you still claim depreciation tax benefits? or any tax benefits?or can the tax benefits only be claimed on the money the trust makes ?
You cannot claim anything as you wonn't own the property. The trust can claim all the usual expenses though.
Terryw | 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
so the trust can claim depreciation etc?
Yes
Terryw | 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
Hi,
This might be a bit off the topic.
I am currently looking at selling my current property which I lived in and now the property is currently rented out. Once sold, Im looking at purchasing another property under a Family Trust instead. My question is, will I have to pay CGT coz of purchasing the new property under a Family Trust?
Now I might be exempted or discounted from CGT because my currently property is rented out under the 6 years period.
Thanks all
It depends. If you own it in your own name and have lived in it before renitng it out then it could be CGT exempt. What you do with the money has no bearing on whether CGT is payable.
Terryw | 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
Thanks Terryw
Yes I have lived in the property before renting it out. Great news
You must be logged in to reply to this topic. If you don't have an account, you can register here.
