I recently purchased my first house; I was thinking of moving everything into a trust at a future date, so I thought I'd be smart and put it into a company(that way I could transfer the shareholding as opposed to $1200+ for conveyancing). I believed that this would significantly reduce the conveyancing costs. I also will probably rent this place out when I move into my next place, in 1-3 years. I had a brief chat with someone who does accounting and was advised that this may cause a serious headache and FBT to be payable, due to receiving a fringe benefit from the company.
My thoughts are I'm not trying to claim any expenses; I'm paying the mortgage out of my pocket, paying all expenses out of my pocket, etc, so there's no tax avoidance going on.
Can someone give me a rough idea as to whether I should go to my accountant? What am I in for? I was just under the impression I would just have to note the transfer of money into the company and keep records of that, pay the yearly $45 fee, and that's about it. My accountants are only signed up for my business so was hoping to avoid going through the whole new client process if I could help it just to check this one little thing.
My thoughts are I'm not trying to claim any expenses; I'm paying the mortgage out of my pocket, paying all expenses out of my pocket, etc, so there's no tax avoidance going on.
Can someone give me a rough idea as to whether I should go to my accountant? What am I in for? I was just under the impression I would just have to note the transfer of money into the company and keep records of that, pay the yearly $45 fee, and that's about it. My accountants are only signed up for my business so was hoping to avoid going through the whole new client process if I could help it just to check this one little thing.
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