Being a trader of property is a totally different set of thinking to buying and holding. It needs a completely different set up also.
First thing you HAVE to do is consult your accountant. There are no ifs or buts on this one, because if you get it wrong you’re in the doggy do big time.
Here’s a few basic tips:
- Use a separate entity from your hold portfolio
- Register for GST
- Do no trade and buy and hold at the same time
- Keep excellent notes and records
- Do your homework
I love assisting people to trade.