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  • Profile photo of PTSMikePTSMike
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    @ptsmike
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    Post Count: 8
    December 30, 2022 - 1:30 pm

    Charlie

    I’ve published a book on “Things Your Accountant Never Told You About Investing in Property”.  I cover structures as part of the discussions in the book that you might find useful.

    It’s free so even better

    https://www.propertytaxsolutions.com.au/book/

    PTSMike | Property Tax Solutions
    http://www.propertytaxsolutions.com.au
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    Property Investment Tax Accounting - Sydney | Melbourne | Brisbane | Perth | Adelaide

    Profile photo of PTSMikePTSMike
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    @ptsmike
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    August 18, 2018 - 12:29 pm

    An old thread but a good question. What do I do when I’ve purchased assets in my own name and then enter into a business with a risk of being sued. Asset protection has become an important issue.

    Of course the first point of a call is a lawyer who can give legal advice on structuring. Worth discussing with them the benefits of moving to a trust (need to account for stamp duty on transfer and in particular ongoing land tax obligations as many states don’t have thresholds or higher land tax rates for assets held in trust).

    Maybe worth looking into a gift and loan back strategy. Of course the bankruptcy clawback provisions need to be considered as part of it as well.

    PTSMike | Property Tax Solutions
    http://www.propertytaxsolutions.com.au
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    Property Investment Tax Accounting - Sydney | Melbourne | Brisbane | Perth | Adelaide

    Profile photo of PTSMikePTSMike
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    @ptsmike
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    August 18, 2018 - 11:05 am

    – consider whether you can use the six year main residence absence rule and the impact on any other property which may have been your main residence
    – why won’t moving back in make a difference for CGT purposes ?
    – look at third element costs to reduce the capital gain where appropriate
    – did you really move into it and make it your PPOR ?

    PTSMike | Property Tax Solutions
    http://www.propertytaxsolutions.com.au
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    Property Investment Tax Accounting - Sydney | Melbourne | Brisbane | Perth | Adelaide

    Profile photo of PTSMikePTSMike
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    @ptsmike
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    February 9, 2015 - 7:36 pm

    if you are an Australian tax resident you pay tax on your worldwide income whether it is remitted back to Australia or not.

    PTSMike | Property Tax Solutions
    http://www.propertytaxsolutions.com.au
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    Property Investment Tax Accounting - Sydney | Melbourne | Brisbane | Perth | Adelaide

    Profile photo of PTSMikePTSMike
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    @ptsmike
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    January 13, 2015 - 1:52 am

    In both of these instances if the intention was to buy , develop and sell then it is on revenue account. CGT wont apply. So if the property was held for 2 years wouldnt matter you wouldnt get the discount. Even a profit from an isolated transaction can be on revenue account. Refer myers case. Tread carefully

    PTSMike | Property Tax Solutions
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    Property Investment Tax Accounting - Sydney | Melbourne | Brisbane | Perth | Adelaide

    Profile photo of PTSMikePTSMike
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    @ptsmike
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    January 10, 2015 - 5:44 pm

    Also be aware of any potential capital gains tax implications of making a beneficiary entitled to a trust asset. Need to look at whether CGT Event E5 applies.

    http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s104.75.html

    • This reply was modified 9 years, 3 months ago by Profile photo of PTSMike PTSMike.

    PTSMike | Property Tax Solutions
    http://www.propertytaxsolutions.com.au
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    Property Investment Tax Accounting - Sydney | Melbourne | Brisbane | Perth | Adelaide

    Profile photo of PTSMikePTSMike
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    @ptsmike
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    January 10, 2015 - 5:26 pm

    Mike

    Suggest you download and have a look at the e-book put together by Terry and I. It can be accessed at http://www.propertytaxsolutions.com.au It doesn’t cover everything and developments are a complex area of tax, legal and accounting.

    You need to consider things such as income tax, stamp duty, GST, estate planning and whether you want the ability to move the asset into superannuation at a later stage.

    PTSMike | Property Tax Solutions
    http://www.propertytaxsolutions.com.au
    Email Me | Phone Me

    Property Investment Tax Accounting - Sydney | Melbourne | Brisbane | Perth | Adelaide

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