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CGT on transferring IP into a trust while living in OZ?

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  • CGT on transferring IP into a trust while living in OZ?

    Hi All,

    Just wondering if anyone can help me out on this one - I moved to Australia 4 years ago. Since then have purchased two properties in NZ and would now like to place them in a trust along with my defacto partner's assets which are mainly cash.
    We are both australian tax residents obviously, my question is if I were to transfer the properties now would I be liable for capital gains tax to the ATO?

    Also, can someone recommend an accountant who has good knowledge of both the NZ tax system and the AUS tax system? You'd be amazed how hard it is to find one of those guys despite how many expat kiwis there are getting around here in Brisbane

    cheers
    sparx

  • #2
    I do know someone BUT....he is NOT cheep.
    He will get you to where you neeb to be


    Originally posted by sparxNZ View Post
    Hi All,

    Just wondering if anyone can help me out on this one - I moved to Australia 4 years ago. Since then have purchased two properties in NZ and would now like to place them in a trust along with my defacto partner's assets which are mainly cash.
    We are both australian tax residents obviously, my question is if I were to transfer the properties now would I be liable for capital gains tax to the ATO?

    Also, can someone recommend an accountant who has good knowledge of both the NZ tax system and the AUS tax system? You'd be amazed how hard it is to find one of those guys despite how many expat kiwis there are getting around here in Brisbane

    cheers
    sparx

    Comment


    • #3
      I do know some one...BUT...he IS NOT cheep
      He can get you where you need to be

      Comment


      • #4
        I hope you find some reliable accountant that can sort out your problems.

        Comment


        • #5
          You do not need to wonder.You can contact us to find information about property laws.Satisfaction of customer is our first priority.

          Comment


          • #6
            Originally posted by sparxNZ View Post
            Hi All,

            Just wondering if anyone can help me out on this one - I moved to Australia 4 years ago. Since then have purchased two properties in NZ and would now like to place them in a trust along with my defacto partner's assets which are mainly cash.
            We are both australian tax residents obviously, my question is if I were to transfer the properties now would I be liable for capital gains tax to the ATO?

            Also, can someone recommend an accountant who has good knowledge of both the NZ tax system and the AUS tax system? You'd be amazed how hard it is to find one of those guys despite how many expat kiwis there are getting around here in Brisbane

            cheers
            sparx

            Hi,

            I know it's some time ago but have you sorted out Trust issue?
            I am living in nz and currently exploring an option to move to oz some time near future. I have a few IPs under own name and don't want to sell them when I move to oz. If I understand correctly they will be subejct to CGT when eventually sold if I become a resident as tax purposes in oz. Anyway to get around this? Would setting up a trust and put them in trust would be good enough to avoid CGT? I heard even you set up a trust if you are a trustee or beneficiary it could still be tricky?

            Any comment would be appreciated.
            Or any oz based accountant who might give me a good advice on this matter.

            Cheers

            Comment


            • #7
              Originally posted by ale View Post
              Any comment would be appreciated.
              Or any oz based accountant who might give me a good advice on this matter.

              Cheers
              Hayden Rooney from Reef Accountants in sunshine coast for your AU tax returns.
              (07) 5446 1177

              Ask him for his father's contact details, his old man has an accounting business in NZ (Christchurch)

              Pretty sure you would be in the clear if you transferred your IPs into a trust before you became a tax resident in AU.
              Just be aware you'll have to get a valuation on all of them and there will be a tax bill for the depreciation you claimed on your buildings and possibly chattels.

              I moved to AU in 2008 and back here again last year - one of the primary reasons for moving back was because I intended to sell two IPs so I moved back in July (start of AU financial year) and I'm waiting until it's absolutely certain that the ATO could not possibly claim that I am still an AU tax resident before I sell.
              If I had held in a trust I wouldn't have this problem.

              Cheers
              Matt

              Comment


              • #8
                Cheers Matt.
                Have emailed Hayden.

                Which part of NZ are you in? I wonder if you don't mind a quick chat over the phone... you can PM me in case.

                Comment


                • #9
                  Originally posted by sparxNZ View Post
                  Hayden Rooney from Reef Accountants in sunshine coast for your AU tax returns.
                  (07) 5446 1177

                  Ask him for his father's contact details, his old man has an accounting business in NZ (Christchurch)

                  Pretty sure you would be in the clear if you transferred your IPs into a trust before you became a tax resident in AU.
                  Just be aware you'll have to get a valuation on all of them and there will be a tax bill for the depreciation you claimed on your buildings and possibly chattels.

                  I moved to AU in 2008 and back here again last year - one of the primary reasons for moving back was because I intended to sell two IPs so I moved back in July (start of AU financial year) and I'm waiting until it's absolutely certain that the ATO could not possibly claim that I am still an AU tax resident before I sell.
                  If I had held in a trust I wouldn't have this problem.

                  Cheers
                  Matt
                  Hi Matt,

                  Just wondering if you have sold those two IPs in NZ, and no attention from ATO?

                  Thanks

                  Comment


                  • #10
                    From my conversation with Hayden from Reef Accountants, if I come back to NZ after a few years in Aus etc, CGT would still apply. For the gain in value from the date I become a tax resident in Aust.

                    There seems to be no way out of it. Also Aus tax is currently higher than NZ ones.

                    Comment


                    • #11
                      I had considered a trust, but the advice I had was to be very careful in terms of connection to yourself or control of trust.

                      Plus additional admin work involved in & hassles of dealing with banks etc as a trustee or the director is not something I am looking forward to.

                      How is everyone doing it?
                      Last edited by ale; 30-04-2015, 12:22 PM.

                      Comment


                      • #12
                        Originally posted by mlrose12 View Post
                        I do know some one...BUT...he IS NOT cheep
                        He can get you where you need to be
                        Do you have contacts?
                        Would this be setting up a company/trust structure?

                        Thanks

                        Comment

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