Hi all,
I have a few IP's jointly owned with my wife in our personal names and our Land Tax bill is horrendous. So, how do I get around this?
I was looking at setting up a Trust per property purchase moving forward(If Land value under $600K, I only pay $926 per trust). However, I am not aware of how the ATO treat separate trusts with the same Directors. Ie. Will the ATO add up all properties in all Trusts and issue me with a massive Land Tax bill or is each trust independent of one another, regardless of Director ownership?
Your thoughts?
PS. I am not interested in buying interstate.
I have a few IP's jointly owned with my wife in our personal names and our Land Tax bill is horrendous. So, how do I get around this?
I was looking at setting up a Trust per property purchase moving forward(If Land value under $600K, I only pay $926 per trust). However, I am not aware of how the ATO treat separate trusts with the same Directors. Ie. Will the ATO add up all properties in all Trusts and issue me with a massive Land Tax bill or is each trust independent of one another, regardless of Director ownership?
Your thoughts?
PS. I am not interested in buying interstate.