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

[Rosco]

https://www.dropbox.com/sh/17tu4chmp...rYJ9yjfBa?dl=0

[Rosco]

I need to work on my Property Talk skills! This might be easier https://www.dropbox.com/s/1t8nqx4rb1...oom_0.mp4?dl=0

[donna]

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

[Rosco]

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

[donna]

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

cheers,

Donna