Hi, My wife and me are planning to buy a land by borrowing money. the land already have a building on it and renting out to a company.
we both have income and we have three kids, 12,15 and 19 years old.
I'm not sure if i should form a company or a trust for our kids. which way is better.we definitely want to minimise tax
Hi Gafeey
Welcome aboard.
You'll need to speak with a decent IP related accountant and solicitor in regards to your options for buying under different entities – they will present the pros/cons of each given your circumstances.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Gafeey,
if you plan to pass the property on to your kids then a family trust may assist with this. If you are self employed or have other sources of income outside of PAYG then a trust could minimise your tax if you can put profits into there to soak up the losses and depreciation (if there is any).
As Jamie said, a good accountant will help with this one for you
Probably not a company.
A trust structure is well worth considering, but make sure you get good legal advice as there are about 10 areas you need to consider – succession, stamp duty, trust law, land tax, convenacing act, coroporations act, SMSF laws etc etc.
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 Jamie,
Thanks buddy, I think it's good idea to talk to an accountant. too much to consider.
Cheers
Hi Josh,
Thanks, we both are working for a company and we do have other assets. just not really sure how trust could minimise the tax.
Thanks again. great help
Cheers
Hi Terry
Thanks your reply. i agree, there are lots to consider. better find a good consultant.
Cheers
You must be logged in to reply to this topic. If you don't have an account, you can register here.
