When, in investment journey, to see Accountant?

[brrmm]

Wanting to purchase 1st IP asap. Not sure whose name to put it in (hubby or mine) etc.
Would be wise to visit accountant prior to any purchase I expect, but are they only going to brush me off? Tired of dealing with folk who don't want to know about us UNTIL we've bought something, by then it's too late to change structure etc.

Anybody use Bantacs and live in Brisbane? How does this work for you since they don't have an office here? Would prefer to speak face to face with a human-being, as money matters make my brain go fuzzy !!

Any advice appreciated.

 

[Lofty]

Hi Brrrrm

There are definitely a number of specialists on this forum that will be able to help and will want to know you. Some that spring to mind are:
http://www.guardianpartners.com.au/
http://www.asapfinancial.com.au
[email protected]

Cheers, Paul

 

[RumpledElf]

You could always wing it and end up with the worst possible financial structure like we have

 

[brrmm]

Ha ha, thanks for the great advice there RumpledElf !! Unfortunately every aspect of our family's lives are "winging it" enterprises. Makes for an interesting life hey?

This time though I thought since a lot of money is involved we'd better get it right from the start.

Finance is not my issue here though, more like whose name to put IPs in for taxation reasons eg negative gearing etc. Tax, accounting, finance, does my head in and I start feeling dizzy!! I'm confidant with choosing house thankfully.

 

[RumpledElf]

Well it depends what you want to do.

If you are buying a negatively geared place (even if its just a paper loss from depreciation) then put it in the higher earner's name for the tax breaks. Definitely not the person who is getting family tax allowance though.

If you're getting a positively geared place then put it on the lower earners name so they pay less tax on the rent.

If you're both about equal and low income, split it between you so you pay less tax and then capital gains later will be split.

Not really rocket science until you start getting into family trusts and companies and other fancy schmancy stuff.

I'm the higher earner (or was before this break I'm on now) with a positively geared house entirely in my name FWIW