When selling

[MrIronman]

Hi Guys

Some questions for the professional....

If I own a trust and want to sell a property in it that I've owned for under a year. What am I up for in terms of tax? Also, will I still be able to purchase buy and hold property within the same trust?

I've simply found a better house to purchase that I consider a long term investment (10yrs+).

How do I go about this?

Cheers

Ironman

[CJ]

As long as intention was resale then no tax. Problem is that if you do it doo much, the facts will start to undermine your intention.

[murray-spi-investments]

If you have owned it for less than a year then you have not claimed depreciation so there is no clawback problem. Only tax wil be if you have made a financial profit in the year of ownership. Of course in lovely old New Zealand there is no capital gains tax or stamp duty so you should face no issues re tax. I am assuming it is a rental property.