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How to pay an extra $20,000 to IRD each year, for no reason

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  • How to pay an extra $20,000 to IRD each year, for no reason

    https://www.dropbox.com/sh/17tu4chmp...rYJ9yjfBa?dl=0
    Book a free chat here
    Ross Barnett - Property Accountant

  • #2
    I need to work on my Property Talk skills! This might be easier https://www.dropbox.com/s/1t8nqx4rb1...oom_0.mp4?dl=0
    Book a free chat here
    Ross Barnett - Property Accountant

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    • #3
      Hi Ross

      Yes the link worked.

      Very interesting so in your scenario isn’t it too late to change structure to get the $$ out of the LTD?

      cheers

      Donna
      SEARCH PropertyTalk, About PropertyTalk

      BusinessBlogs - the best business articles are found here

      Comment


      • #4
        Originally posted by donna View Post
        Hi Ross

        Yes the link worked.

        Very interesting so in your scenario isn’t it too late to change structure to get the $$ out of the LTD?

        cheers

        Donna
        Hi Donna,

        Yes it is possible, but can be very difficult.

        - Can't liquidate if still have other properties.
        - could look at selling other properties to new entity, but that also has lots of catches, plus legal fees, plus brightline reset
        - become an LTC later has implications too, plus can't become an LTC until 1/4 of next year. So still could be major interest and extra tax.

        Generally accountants don't find out about the overdrawn current account until much later, so can easily be a year before it is found out.

        Also many accountants don't deal with wind up issues well, so they sit around for a long time.

        Overall a nightmare, so therefore expensive to resolve.

        Ross
        Book a free chat here
        Ross Barnett - Property Accountant

        Comment


        • #5
          Thanks Ross - if your next webinar is on this topic add the link to it in this discussion.

          cheers,

          Donna
          SEARCH PropertyTalk, About PropertyTalk

          BusinessBlogs - the best business articles are found here

          Comment

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