Will this work?
If I bought an IP in my name then rented to a $2 Company I set up with say sister or arms length person as director. This is a dummy company and does not trade but to show income I could make payment say for services given (could be book keeping, home maintenance, cooking, walking the dog.. whatever). I then receive that money back by way of rental income so it becomes my IP and it is all tax deductible. I might even live in the house.
Striker
Email MeWhats a dummy company? A company is a separate legal person so you could rent to a company which you controlled. But what are you trying to achieve here? Income from the work the company performs will be taxed. For the company to claim the interest on any loan used to buy the premises market interest would need to be charged. The rate would be paid by you and taxed in the company.
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
If you put half as much time into trying to make money as you do trying to defraud the Govt you might get somewhere one day.
I think your time is misdirected.
Good luck.
People are starting to "be to creative"…
your trust will require initial "setup" not cheap, you will also have ASIC cost, lodge a return on the trust "etc"
as you are living in the house the house will become your ppor….
Like terry said income tax would apply to the trust but my question is what income will the trust be producing?
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Great one catalyst, people wonder why there is so much red tape, because dummies lol want dummies trust
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
That is a pretty strange idea.
if you were really bent on getting a tax return. Why not just have you sister rent the property off you directly whilst you still live somewhere else. And then your sister invited you over for dinner. And you fall asleep. Every night. In a room that had all your bed and clothes in it.
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