All Topics / Help Needed! / family trust

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of MAQ-WETMAQ-WET
    Member
    @maq-wet
    Join Date: 2010
    Post Count: 7
    December 31, 2011 - 1:31 pm

    With a family trust on a property that is geared negitivly until tax time (i.e only positive after depreciation is claimed)
    can you still claim depreciation tax benefits? or any tax benefits?

    Profile photo of MAQ-WETMAQ-WET
    Member
    @maq-wet
    Join Date: 2010
    Post Count: 7
    December 31, 2011 - 1:40 pm

    or can the tax benefits only be claimed on the money the trust makes ?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 1, 2012 - 12:09 am

    You cannot claim anything as you wonn't own the property. The trust can claim all the usual expenses though.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of MAQ-WETMAQ-WET
    Member
    @maq-wet
    Join Date: 2010
    Post Count: 7
    January 1, 2012 - 10:31 am

    so the trust can claim depreciation etc?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 1, 2012 - 10:39 am

    Yes

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of jasedc5rjasedc5r
    Participant
    @jasedc5r
    Join Date: 2011
    Post Count: 30
    January 3, 2012 - 3:44 am

    Hi,

    This might be a bit off the topic.

    I am currently looking at selling my current property which I lived in and now the property is currently rented out. Once sold, Im looking at purchasing another property under a Family Trust instead. My question is, will I have to pay CGT coz of purchasing the new property under a Family Trust?

    Now I might be exempted or discounted from CGT because my currently property is rented out under the 6 years period. 

    Thanks all 

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 3, 2012 - 3:52 am

    It depends. If you own it in your own name and have lived in it before renitng it out then it could be CGT exempt. What you do with the money has no bearing on whether CGT is payable.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of jasedc5rjasedc5r
    Participant
    @jasedc5r
    Join Date: 2011
    Post Count: 30
    January 3, 2012 - 3:56 am

    Thanks Terryw

    Yes I have lived in the property before renting it out. Great news

Viewing 8 posts - 1 through 8 (of 8 total)

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