iamjoemonParticipant@iamjoemonJoin Date: 2010Post Count: 11
This is a great forum.A team of like minded helpful people.
I'm planning to set up a Discretionary Trust with my non working wife as beneficiary.
Immediate plan:Buy an investment property preferably CF+ or do some renovation.
Next year: Buy an first home to live in the name of non working spouse(lifestyle asset).I will act as guarantor to get bank loan(thanks to Steve for the idea)
Query:We live in Sydney and going to buy first home in Sydney.Can we still be eligible for NSW stamp duty exemption given the fact that I'm trustee of my Discretionary Trust which owns investment property?
Please repond with your valuable comments.
TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190
Yes, i think so because the requirement is that someone is eligible if they have never owned an owner occupied house before.MJMParticipant@mickloJoin Date: 2010Post Count: 9
Terry is right, you have not owned a PPOR so you are still entitled to all the FOG and exemptions.
Cheer Mickv8ghiaMember@v8ghiaJoin Date: 2005Post Count: 871
As long as you have never lived in a property you have owned before you will still be eligible for the fhog.
The osr website has plenty of info.
- I have owned an investment home previously. Can I still be eligible for the grant?
A person is not eligible if they or their spouse (including de facto spouse) has had a relevant interest in any residential property in Australia prior to 1 July 2000, whether they live in it or not.
However, a person may be eligible if they or their spouse (including de facto spouse) has only ever had a relevant interest in any residential property in Australia on or after 1 July 2000 and they have not resided in that property for a continuous period of at least six months.