Ok so to get CG tax free status on my PPOR, do i have to buy it in my own name, or can it be bought in a trust? Second, is it still 6 months i have to live in it to get that status? Thirdly, if i had 1 property in a trust and nothing else, what would i be looking at in terms of paying for my tax returns for that trust each year roughly and do you have to use an accountant to do your trust returns? Or can you do your taxes yourself with a trust?
1. main residence exemption is only available to personal ownership, ie not acting as trustee. 2. No. 3. I will leave that question for a tax agent.
If you want to do trust financials and a trust tax return a 99% probability it would be wrong. Ive seen accountants get it wrong. Heaven help the non accountant. If cost an issue keep it simple.
Spot on Mike. I wont even take on a client who has DIYd their trust tax & accounting. They think a tax return alone is OK. Its really not. Other times I wont take on a trust : - No signed deed - No stamped deed - No assets evident (eg no bank, human trustee and no apparent trustee holding for the trust) - Incorrect formation....Terry would know what I mean. I have seen two who had that issue and a ATO eager to audit their trusts. I couldnt help them and they begged but its beyond help at that point I suspect.
