hi.
currently own 2 IP bought under individual name and planning to subdivide block and sell rear in the future. during that time, intent was to hold long term for capital growth.
anyways, looking to purchase a dev site soon and now i know that if ATO deems that you are developer, they can apply the GST retroactively.
not much i can do with my 2 IPs for now. i have also heard that for once or twice off, they might not deem you a developer if you really intended for it to be investment at the time, but if you keep subdividing and selling then you become developer.
question is, if i purchase IP under family trust and develop properties in future, will it shield the 2 IP in my individual name? or do i need to set up company or different trust.
currently own 2 IP bought under individual name and planning to subdivide block and sell rear in the future. during that time, intent was to hold long term for capital growth.
anyways, looking to purchase a dev site soon and now i know that if ATO deems that you are developer, they can apply the GST retroactively.
not much i can do with my 2 IPs for now. i have also heard that for once or twice off, they might not deem you a developer if you really intended for it to be investment at the time, but if you keep subdividing and selling then you become developer.
question is, if i purchase IP under family trust and develop properties in future, will it shield the 2 IP in my individual name? or do i need to set up company or different trust.