What to do before you sign the contract of sale
Cherie Barber, Renovating For Profit
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We live in an age where renovation shows are on TV on every channel, and that's fantastic. I love all of the renovation shows because they motivate and inspire normal, every day Australians to go out and create wealth through renovation. The problem is most people watch the shows and they go out and buy an un-renovated property and they don't lay the foundations right. What I say is before you sign any contract of sale, you really have to ask yourself; should I buy this property under my personal name? Should I buy it under a company name? Should I buy it under a trust structure? Now the answer to this question is not black and white, it depends on your own individual circumstances and in particular how many properties you want to flip each year. So before you rush out and buy a property, my advice to you is to go and see a very good property accountant. Work out the most tax effective solution for you so you can make sure you don't pay more capital gains tax than what you really need to.
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