I've seen some great ideas and advice from this forum, so I'm reaching out for some help.
I want to buy a commercial property (~$500k) in joint names with the missus. The idea is to let her run a small business and if that doesn't work out, keep it as an investment. Given the high cost of business financing and tighter LVR requirements, I was looking to fund this entirely with equity from my PPOR (individual owner) by increasing my mortgage.
1. What is the best tax/legal structure to purchase the commercial property and potentially operate a business through?
2. How do I ensure the loan is deductible? Or should I look to other ways to finance the purchase?
Thanks!
I want to buy a commercial property (~$500k) in joint names with the missus. The idea is to let her run a small business and if that doesn't work out, keep it as an investment. Given the high cost of business financing and tighter LVR requirements, I was looking to fund this entirely with equity from my PPOR (individual owner) by increasing my mortgage.
1. What is the best tax/legal structure to purchase the commercial property and potentially operate a business through?
2. How do I ensure the loan is deductible? Or should I look to other ways to finance the purchase?
Thanks!