By buying the family home in a personal name, we ensure we get the ‘Capital Gains Tax Main Residence Exemption’ when we sell that house later.
There is a stamp duty concession once you’ve bought a home in your name.
Those things often outweigh the benefits of putting the family home in a trust’s name.
The other thing to consider is a setup and admin fees of a trust – it’s another “tax” from the accountant to go and manage.
There are only limited situations where we have seen that it makes sense.
As a general rule, we would always put the family home in the asset person’s name.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
Select your desired option below to share a direct link to this page.
Your friends or family will thank you later.