There are several different ways to own a property – in your own name, a trust, limited liability company or partnership. Selecting the best legal structure ensures that you pay less tax and have less exposure to risk. Some of the key factors to consider include:
- How long are you planning to own the rental for?
- Will you be living in the rental for a sustained period?
- Do you have any existing assets that can be used as security or debt obligations which reduce your repayment ability?
- Is this your ‘first home’?
- Are you an employee, contractor or business owner?
- Are you purchasing the property on your own, or with a significant other?
- What are your future investment aspirations?
We have a large amount of experience from supporting residential property investors and rental owners for many years. By understanding the entire picture of your income, assets and debts, we can help to structure your finances in a way that minimizes tax bills and protects your investment.