I am hoping someone can help me with some advise on the best way to set up a property.
My father has an investment property in his name. There is no loan on the property and is currently rented out. It was purchased prior to 1983 so I believe it is exempt from CGT if he sells the property.
We would like to keep it in the family and want to transfer to property into either my sisters name, my name or both our names.
Although, we are unsure what is the best way to do this so that it is set up to be as tax effective for us in the future.
My sister and I both have home loans for our own homes at the moment and were wondering if we purchased the property from my father and got a loan for the property so that we could negatively gear the property, whether this was allowed.
Then my father could give us the money to pay off our current house home loans. Is there any issues with this?
The other thing that I need assistance with is what is the best way to set up the property, should we transfer the property in a family trust or a hybrid trust?
Please help me with your thoughts because I have been unable to get any valuable feedback from anyone to date.
Thanks for your help in advance.
My father has an investment property in his name. There is no loan on the property and is currently rented out. It was purchased prior to 1983 so I believe it is exempt from CGT if he sells the property.
We would like to keep it in the family and want to transfer to property into either my sisters name, my name or both our names.
Although, we are unsure what is the best way to do this so that it is set up to be as tax effective for us in the future.
My sister and I both have home loans for our own homes at the moment and were wondering if we purchased the property from my father and got a loan for the property so that we could negatively gear the property, whether this was allowed.
Then my father could give us the money to pay off our current house home loans. Is there any issues with this?
The other thing that I need assistance with is what is the best way to set up the property, should we transfer the property in a family trust or a hybrid trust?
Please help me with your thoughts because I have been unable to get any valuable feedback from anyone to date.
Thanks for your help in advance.