HI, I am seeking advise into the above area. There is about 4 or 5 of us from work that want to go in and buy a share each of a house as an investment property, like a syndicate I guess. We all work on a mine site and earn approx $350k+ between us. Would we need deposit if any? what are the pro's and cons of doing this? is this hard to set up? should we form a company first to allow for tax breaks? look forward to hearing from someone soon as keen to get the ball rolling,
Thanks – McubedI think these are called unit trusts….ask an accountant!
This question has come up about 3 times in the last few days. have a look at some of the other answers.
Companies don't get tax breaks – it will end up costing you much more if you form a company, especially if you are going to live in the property. If it will be an investment look at discretionary trusts and unit trust (good way for several to own property in equal shares).
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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