Self Managed Superannuation, Self Managed Super Funds, Self Managed Superannuation Funds
Did you know that when purchasing a property you had options on how to own that asset? Should it be in your personal name or via a company? Maybe a particular type of Trust is the way to go or you should possibly be consulting with a financial planner about SMSF. How are you supposed to know the options available, the benefits of those options, and what’s most suited to your financial circumstances?
Even the percentage ownership between a couple who are purchasing an investment property can make a big difference to your tax. For instance, if husband and wife are considering an investment property purchase in their personal names and wife earns a higher income (therefore is paying substantially more income tax) it might make sense for her to own a greater percentage of the asset.
Is the property expected to be negatively geared?
Is it being financed?
How long is the asset expected to be held as an investment?
Is a future capital gains tax requirement a factor to consider?
Are the current income levels of husband and wife expected to continue?
All of these components need to be factored into the decision and McCarthy Accountants are here to assist.
It’s important to consult about ownership structures with McCarthy Accountants well before a property is purchased. It should be part of your planning process. Along with confirming your lending capabilities, the impact of the property on you tax position, the expected holding cost of the property and how it fits within the household budget, contemplating the different ownership options makes sense at this time. It may be too late, or too costly, to make changes later.
The differing ownership options will impact your taxation in different ways and could greatly influence the decision you make, therefore it falls under the services offered by McCarthy Accountants. It can also influence the lending options available to you so we of course work closely with your finance broker. The same is true for your financial planner especially when a self managed superannuation fund is being considered as they will provide you with the financial advice required in this specialised area.
Self Managed Super Funds
, Self Managed Superannuation
, Self Managed Superannuation Funds