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  • Profile photo of rush80rush80
    Participant
    @rush80
    Join Date: 2009
    Post Count: 6
    March 5, 2010 - 5:02 am

    Michael,

    Yes mate . All commercial warehouses.
    The land tax is crazy. Our accountants were not alert and did not advice correctly, so we ended up acquiring a lot of land in one entity.

    Nothing in the lease states the tenant will cop the land tax, but you are right,not a bad idea for future leases.

    Thanks

    Profile photo of rush80rush80
    Participant
    @rush80
    Join Date: 2009
    Post Count: 6
    March 5, 2010 - 4:58 am

    Terry,

    Thank mate. I will check them out. What finance company do you work for?
    If it worked well we could look at using you to secure finance for the future.
    Let me know.. thanks..

    Profile photo of rush80rush80
    Participant
    @rush80
    Join Date: 2009
    Post Count: 6
    March 5, 2010 - 4:35 am

    @dan, thanks mate. so trust splitting would be the way to go huh.
    i thinks its better to pay the lawyers once then pay huge land tax every year.
    Thanks for the heads up. If ure from WA and know any good lawyers for trust splitting, let us know :)

    cheers

    Profile photo of rush80rush80
    Participant
    @rush80
    Join Date: 2009
    Post Count: 6
    March 5, 2010 - 3:40 am

    Terry,
    Thanks mate. I have gone through the documents. I am assuming even if the trusts are exact mirror images of each other, i.e same  beneficiaries and appointor,  the properties cannot be transferred without any cgt?

    do you know any good advisor who will be able to help? at the momment the land component of the properties is so big, i am having to pay 30k pa in land tax. cheers

Viewing 4 posts - 1 through 4 (of 4 total)