Scenario 2…what do u think…??
If i was to arrange a wrap for a family member,what do u think would be a win-win situation:
A) I buy them a very cheap property,that until they pay it off,is an i.p. for me.
I build a small place (eg unit) in my backyard that i wrap for them (what would be my benefit?)
C) I build another residence in back yard for me, & wrap them the older house currently lived in as PPOR?
I’m having a hard time deciding,so any advice would be fabo.[confused2]There are so many variables associated with this question – and the options outlined, that I do not recommend making a decision based on advise you may receive from a public forum.
You need to speak with an accountant and discuss the options with qualified advisors, i.e. a building contractor.
— Michael
Firstly, I doubt your council would give you the necessary approvals to do option 2..
Secondly, everything would have to be ‘fair market value’ as far as the ATO is concerned. If you discount because its a family member, you will certainly get yourself into trouble..
As Michael says, you had better see an accountant..
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I build a small place (eg unit) in my backyard that i wrap for them (what would be my benefit?)
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