Hi Paul, thank you for your feedback...and yes I have spoken to a couple of people on here about different strategies concerning this.
We made the error of purchasing the property in my name when we thought it would be quite a small scale investment, took a chance and fought for demo and now looking at 13 units so needed to look at things from asset protection, kids, etc as everything will go into it. This is why I am procrastinating on a decision.
Options were various, layering trusts overseas with loans inside the trust while property outside it etc. and went through the various tax implications with accountant under advice from folks here before the legal route.
I have finally decided to 'sell' the property to the trust and suck up the stamp duty, so went very carefully through the unit trusts, D.trust, SMSF etc and ruled all out bar D trust.
Now my questions for our next meet are wether or not to sell it using the margin scheme as I can make that happen at this point. Cannot sell until after June 21st for the 50% CGT but while I have read up on this, I still cannot say I fully understand the margin scheme or building via the company who is set up as trustee leaving the 'land' etc in the D trust and the tax implications of this, or even if it is worth me considering, (we plan to hold all of them ) when I sort this bit out then I check the legal side of it and hope to hell I am going the right way about it
I really am trying to get the right advice the right way this time and have my 'ducks in a row' to avoid more errors or treading on toes! This is why I would encourage lone wolf to get the professional advice... I am learning as I go, just not fast enough! But learning from mistakes is also healthy costly but invaluable!
We made the error of purchasing the property in my name when we thought it would be quite a small scale investment, took a chance and fought for demo and now looking at 13 units so needed to look at things from asset protection, kids, etc as everything will go into it. This is why I am procrastinating on a decision.
Options were various, layering trusts overseas with loans inside the trust while property outside it etc. and went through the various tax implications with accountant under advice from folks here before the legal route.
I have finally decided to 'sell' the property to the trust and suck up the stamp duty, so went very carefully through the unit trusts, D.trust, SMSF etc and ruled all out bar D trust.
Now my questions for our next meet are wether or not to sell it using the margin scheme as I can make that happen at this point. Cannot sell until after June 21st for the 50% CGT but while I have read up on this, I still cannot say I fully understand the margin scheme or building via the company who is set up as trustee leaving the 'land' etc in the D trust and the tax implications of this, or even if it is worth me considering, (we plan to hold all of them ) when I sort this bit out then I check the legal side of it and hope to hell I am going the right way about it
I really am trying to get the right advice the right way this time and have my 'ducks in a row' to avoid more errors or treading on toes! This is why I would encourage lone wolf to get the professional advice... I am learning as I go, just not fast enough! But learning from mistakes is also healthy costly but invaluable!