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Company Vs Trust Vs Principal Place -Single Entity (Help Required)

Discussion in 'Accounting & Tax' started by HUGUS, 22nd Nov, 2015.

  1. HUGUS

    HUGUS New Member

    Joined:
    22nd Nov, 2015
    Posts:
    1
    Location:
    Brisbane
    Hi Recently purchase a unit site in my own name where I am currently living in the existing house (Principal Place of Residence). ($750K)
    The site is in for approval of 5 town houses. Cost to build $1.75M. We plan on keeping one townhouse and living in it to keep tax down. Sal proceeds $3.3M

    What I need to know is the best structure to move forward. Be it company, trust or as is.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,979
    Location:
    Sydney
    It depends.
     
  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,374
    Location:
    Sydney
    You say you bought it already ? To save stamp duty it may be cheaper not to change structure now. Also this could affect the margin scheme issues etc. There are significant tax issues here and you really should get personal tax advice.

    I noted the words I and we are both used.
     
    Last edited: 23rd Nov, 2015