Some advice and experience needed.
I need to make the decision as to whether I buy the next piece of land in the name of our family trust which is registered for gst or in our joint names. We intend to construct a dual dwelling. If we do this venture in the name of the family trust we will rent the dual dwelling for five years before selling.
Doing it in our joint names gives us the option of doing what we like eg. PPOR, selling or renting without having to worry as much about how the ato perceives our intentions.
The land is being sold inclusive of GST at this stage. I am talking with the vendor's solicitor to see if we can purchase using the margin scheme.
The question is which method would give us the better financial outcome?
I can see the "It depends..." answers now. Has anyone else faced this quandry?
I need to make the decision as to whether I buy the next piece of land in the name of our family trust which is registered for gst or in our joint names. We intend to construct a dual dwelling. If we do this venture in the name of the family trust we will rent the dual dwelling for five years before selling.
Doing it in our joint names gives us the option of doing what we like eg. PPOR, selling or renting without having to worry as much about how the ato perceives our intentions.
The land is being sold inclusive of GST at this stage. I am talking with the vendor's solicitor to see if we can purchase using the margin scheme.
The question is which method would give us the better financial outcome?
I can see the "It depends..." answers now. Has anyone else faced this quandry?