Hi,
Was hoping I could check what my accountant is telling me. Buying a ppor in Perth. Accountant tells us my wife and I are both in high-risk jobs for litigation and that we need to purchase it through a trust to protect it from some imagined sinister threat.
Here are my concerns:
1. Would the property be liable for land tax - land tax for properties over $2.2mill is lots ($10,000 per year or something) in WA. Am worried that because a non-person 'owns' it, it won't be exempt like a normal ppor in our names.
2. How much is a trust going to cost me over 30 years - I'm not planning on moving ever again.
3. How do you actually do it? Does this have to be organised before I put in an offer or can I just do it prior to settlement.
Seems like a good way to set up a recurring income for the accountant, not sure if it is really that important for me though. I assume if someone's trying to take my house they've already bankrupted me and made me pretty miserable. Never heard it actually happening to anyone, though.
cheers!
Was hoping I could check what my accountant is telling me. Buying a ppor in Perth. Accountant tells us my wife and I are both in high-risk jobs for litigation and that we need to purchase it through a trust to protect it from some imagined sinister threat.
Here are my concerns:
1. Would the property be liable for land tax - land tax for properties over $2.2mill is lots ($10,000 per year or something) in WA. Am worried that because a non-person 'owns' it, it won't be exempt like a normal ppor in our names.
2. How much is a trust going to cost me over 30 years - I'm not planning on moving ever again.
3. How do you actually do it? Does this have to be organised before I put in an offer or can I just do it prior to settlement.
Seems like a good way to set up a recurring income for the accountant, not sure if it is really that important for me though. I assume if someone's trying to take my house they've already bankrupted me and made me pretty miserable. Never heard it actually happening to anyone, though.
cheers!
Buying through a trust
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