Hello All,
I'm new to this forum and in the process of emigrating from the UK with my australian wife and our two nippers (1 and 3 years old) to Adelaide.
Still dependant on the horrible UK housing market and our sale going through, but with the wind in our favour we should be in SA by late January.
We should have a decent deposit, exchange rate notwithstanding, and will put a deposit on a family home and if possible an investment property which I'd thought of putting in our childrens name as an investment for them. Is it possible to set up a rental property in the name of your children in some kind of long-term investment / Trust arrangement and what should I do to start my research? Any typical pitfalls?There are a number of things we could do in our situation, but this one has special appeal as we'd be setting up something long-term for our kids.
Regards,
Darwin.Darwin , Welcome to the forum.
check out http://www.adelaidepropertyfinders.com.au – haven't used them myself but they advertised in the december 2008 API magazine.
Visit http://www.ato.gov.au as I think Minors are taxed at 48.5% when the income reaches a certain threshold to stop people transfering money into their kids names. Check out the two links below
http://www.ato.gov.au/individuals/content.asp?doc=/content/20046.htm
http://www.ato.gov.au/individuals/content.asp?doc=/content/20046.htm&page=5&H5check out http://www.realestate.com.au or http://www.domain.com.au
http://www.businessmall.com.au/property-investing/property-taxation – for books on how tax works in OZ
http://www.businessmall.com.au/gat-2.htmlhope this is enlightening for you as you will need to learn a different tax system here in oz.
Excellent, thanks for the tips!
48.5% could be a bit of a problem. I'll check out the links.
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