First time to the site and just read the 0 to 130 book.
Very interested in the challange of finding positive cash flow properties and ready to start looking.I’m the only bread winner at home. Am on on the right track thinking that if the properties are making a profit then I (we) should be purchasing the properties in my wifes name only as her tax would be a lot less than mine which is in the highest tax bracket.
Or should we be purchasing partly in my name and partly my wifes (not sure if bank would lend my wife money if she does not have a job).
I’m ready to go just need to sort a few things out. Any help would be great.
P.S Any one know any good accountants who are skilled in investment property I can approach in the Parramatta, Chatswood, Hills area.
[biggrin]
You need to way up your options on weather or not your wife will be going to earn an income before you sell the property or not.
If the property is put in your wifes name while although you think the property is +ve there may still be alot of hidden deductions that cannot be benifited from. on the other side the capital gains tax will be a great benefit when sold.
spend an hour of your time & talk to a good accountant or advisor that has experience in this field & they will point you in the right direction.
will be money well spent as it was for me
That was they way I thought to go when I first started looking into this. Since then I have found out from many on the site that probably the best way to go is to set up a company and a trust. That is you are planning on buying a number of properties. I just had some questions answered in this same forum heading ” company as trustee” which may help you out a little
Derek
Hi jcassidy, welcome to the forum
Agree with Derek re the trust – especially if the plan is to buy more than a couple of properties.
Also, with your accountant, you do not have to be in the same area. A lot can be done by phone/fax.
Check out http://www.strategicwealthmanagement.com.au
and http://www.gatherumgoss.comCheers
MelMel
A friends sister, who is an accountant said you can have Hybrid trusts or Discretionary trusts, not a hybrid discretionary trust as i’ve seen discussed here.. is this correct.. as if she doesnt know much about the structures i wouldn’t like to use hers services ??
REDWING[fear]
“Money is a currency, like electricity and it requires momentum to make it Effective”
Thankyou to all who replied. I’m off to read some more and hopefully find a very wise accountant.
jcassidy
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