My husband & I live in QLD in a house that he had purchased before we met, currently it is our PPOR but we are wanting to use this house in the future as IP and buy another home. I have downloaded the forms to put my name on the title "as way of gift" (the D2.2).
The question is…we have a family trust which I am the trustee for and I was thinking about putting my 1/2 the house in the trust (husband not involved in the trust).
We need to be mindfull of which way we go as my husband has 2 children from a previous relationship which we are paying Child Support for and I really don't want his taxable income to be increased but would like to have a few IP's in the future.
Thank you for your advice
You will probably pay stamp duty if you gift it to a trust.
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
With this house I no doubt will have to pay stamp duty to trust it but with the property we are looking at buying is it easier to put it directly in the trust?? How does this go with finance??
Thank you for your advice Terrywthink you will find that spouses can transfer part of a property they own to the other partner without stamp duty if the place is the main residence. A trust probably wouldn't qualify.
Getting finance for a new house in a trust won't be a much different to getting finance in your own name.
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
You must be logged in to reply to this topic. If you don't have an account, you can register here.
