Addicted to music Posted March 23 Posted March 23 Just want to see what the consensus is to this topic. If a parents trying to support there adult kids by buying a property for them to live, there are massive tax disadvantages you are subjected to getting a 2nd property here in Victoria. Do you trust your adult kids enough to placed there name on the title so they can get a 1st home grant and discount on Stamp duty. Or do you not trust them and wear the tax disadvantages so it stays with you legally?
Lil Caesar Posted March 23 Posted March 23 (edited) The requirements to qualify for the statutory stamp discounts and tertiary benefits as a single person or young couple with no property mean that parental financial supporters simply do not qualify at any level - it should be treated as a commercial loan with total assumed risk since the tax implications make it entirely unworkable if a historical income stream exists. Edited March 23 by Lil Caesar 1
Addicted to music Posted March 23 Author Posted March 23 2 minutes ago, Lil Caesar said: The requirements to qualify for the statutory stamp discounts and tertiary benefits as a single person or young couple with no property mean that parental financial supporters simply do not qualify at any level - it should be treated as a commercial loan with total assumed risk since the tax implications make it entirely unworkable if a historical income stream exists. Thanks @Lil Caesar that puts a rest to the dilemma, will proceed as a commercial loan under primary ownership. I believe there is a 2nd wave of additional to land tax on investment properties, a double whammy! Hence the reason why all investors are selling out. Great time to buy if you are going to live in it.
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