Hey guys my partner and I have started a company here in Australia. We have a ACN Australian Company Number. We currently do not have a ABN as we have no income flowing in yet. I wanted to ask is it still possible to take out a loan and invest in property at this stage???
Many Thanks
It is, but what was the company formed for?
And why would you want to buy in the company?
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
Hey Terry, the company is formed for our business we are doing accessories and textiles.
And we want to buy in the company for an investment property?
Is this bad ?
Thank you for your kind advice
Yes, not a good idea. As a business you are entering contracts and there are other potential liabilities so if the company is sued the house is at risk.
Also a company doesn't get the 50% CGT discount either.
Look into trusts.
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
Thank You Terry I understand now
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