Setup for business.

[travelbug]

We are looking at buying a business and we will need to have a storage unit.

What would be the best way to set this up? Of course I will speak to my accountant if it looks like it's viable (still waiting on figures).

Assuming we buy the business in a company name (yet to speak to accountant about this) would it be more cost effective for the business to buy/rent a unit?

Or if we buy it in our names and rent it to the company? Would that be better?

Can you do it in a SMSF?

Sorry- Newb questions. Any advice welcome.

 

[Terry_w]

Probably best not to hold property in a trading entity. It could be owed by another non trading entity - trust, smsf or company or individual etc

 

[Redwood]

We are looking at buying a business and we will need to have a storage unit.

What would be the best way to set this up? Of course I will speak to my accountant if it looks like it's viable (still waiting on figures).

Assuming we buy the business in a company name (yet to speak to accountant about this) would it be more cost effective for the business to buy/rent a unit?

Or if we buy it in our names and rent it to the company? Would that be better?

Can you do it in a SMSF?

Sorry- Newb questions. Any advice welcome.

Hi Travel bug - as Terry said, go non-trading. SMSF can buy a commercial property and lease the property to your business - no related party issues as its 'business real property'. Its an awesome structure with significant tax advantages.

I've set up a heap and done it for our business as well.

Hope that helps

Cheers

Ivan

 

[travelbug]

Thanks. Got the figures last night. Now for some number crunching.