Westcourt | Family Business Accountants

A family trust is often used by Australian families in businesses. The practice often arises because of the the income tax and capital gains tax benefits that a family trust provides family-based businesses.  However a trust is a powerful family tool independent of Income tax and capital gains tax 10 Benefits of Establishing a Family Trust Land Tax We’ve established that family trusts are often created for tax benefits, but many family businesses usually overlook the land tax benefits of having a family trust. For land tax purposes in Western Australia, a family trust is considered a separate “person” or entity. This can greatly reduce marginal land tax rates payable by a family. Protection of Assets A family trust can protect assets from bankruptcy, death, or loss of capacity of any of its beneficiaries. This is because trust assets are owned by the family as a whole and not individual family member beneficiaries. Financial Privacy Successful families a

Owning rental properties is a great way to accumulate long lasting wealth, while at the same time diversifying your investments. Investing in real estate can provide solid returns. However, real estate investing is not about making money fast. Investing in rental real estate is an excellent way to build long-term wealth for you and your family. Investing in rental properties isn’t without risks. Therefore, it’s essential to correctly plan your family’s property portfolio. What is a property portfolio? A property portfolio is a collection of real estate and property investments that are owned by an individual, a company, a trust, partnership, or a combination. However too often people will jump into the asset structuring of a property portfolio.  And while that is incredibly important the purchase needs a lot more thinking and planning to get a great outcome towards your family and the legacy you want to create. Planning your property portfolio Before you begin buying