All Topics / Legal & Accounting / Ideal set up, to purchase second house ie. purchase in my name?

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  • Profile photo of tigermigertigermiger
    Participant
    @tigermiger
    Join Date: 2010
    Post Count: 44

    Hi Everyone

    I am in the process of listing my PPOR for rent and moving into my partners house short term.
    We have been actively searching the last 4 months to buy a property either to move in and make a family home or a property to move in/ renovate and re-sell – which way we go, we are not fussed, depends what we feel is right.

    My PPOR is currently in my name and we have all intensions to purchase the next house solely in my name. A friend of mine has mentioned that if I have two houses in my name, that I am liable to pay land tax on the properties and suggests that I shouldn’t buy in my name.

    Could I please have your suggestions/ pros/ cons how I should purchase the next property, i.e. in my name or should I be setting up a company or another idea?

    FYI – My partner has his own business and we don’t want it to go in his name, in case he gets sued or his ex-somehow can get her hands on it.

    Thank you in advance everyone 

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    You need to seek specific legal advice on this as too many variables. Which ownership structure will also depend on the state of the property too (NSW etc).

    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 tigermigertigermiger
    Participant
    @tigermiger
    Join Date: 2010
    Post Count: 44

    Thanks Terryw, it would be Victoria.

Viewing 3 posts - 1 through 3 (of 3 total)

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