I am new to this forum & I was wondering if someone can help me with a Trust question ????
I have a new accountant who is very focused on saving tax.
He will be detailing a new structure to my finances.
I have a property in Melbourne which I have been living in for 9 years which I want to convert to an IP. My accountant has suggested creating a Trust & selling the IP to the trust , he also told me that because I have been living in the place that there is a time period in which selling will not trigger a capital gains tax.
Does anyone know if this is correct & if not is there anything I can do to minimise capital gains tax when selling to a trust.
I have a new accountant who is very focused on saving tax.
He will be detailing a new structure to my finances.
I have a property in Melbourne which I have been living in for 9 years which I want to convert to an IP. My accountant has suggested creating a Trust & selling the IP to the trust , he also told me that because I have been living in the place that there is a time period in which selling will not trigger a capital gains tax.
Does anyone know if this is correct & if not is there anything I can do to minimise capital gains tax when selling to a trust.