Purchase rural house and land block
Mr & Mrs E wished to purchase a house in a more rural area with the possibility of using some of the land for growing a crop. We gave our clients advice prior to execution of the contract so that they gave consideration to all of the matters that would normally be applicable in the case of a purchase of this type (ie in addition to the usual considerations extra matters such as fencing, availability of water, GST, who the purchaser should be etc.) In addition expert tax advice was obtained to ensure that the appropriate GST result could be obtained for our clients. Part of the tax advice included the appropriate structure for the purchase. This entailed the establishment of two family trusts with appropriate structures to ensure the best asset protection and tax consequences for our clients. |