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Type: Posts; User: Rosco

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  1. Replies
    8
    Views
    1,095

    A company has this major issue! ...

    A company has this major issue! https://www.cswaikato.co.nz/index.php/latest-news-accounting-hamilton/accountants-hamilton-auckland/153

    Ross
  2. Replies
    11
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    533

    Be careful buying based on Rent by Room. ...

    Be careful buying based on Rent by Room. Especially of developers over inflating values because of the higher possible rent.

    What happens to your return if this isn't sustainable and you have to...
  3. Replies
    7
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    382

    Hi Andrew, There can be smart ways to...

    Hi Andrew,

    There can be smart ways to structure your property, to keep it away from the Aussi tax net. Key things to do

    - Get some advice from an Aussi accountant on how the capital gains tax...
  4. Replies
    1
    Views
    239

    Hi, 1) Ring fencing is in from 1/4/19 2) ...

    Hi,

    1) Ring fencing is in from 1/4/19

    2) LTC - is not a great entity for a personal home

    3) You are messy from a structure perspective as you are moving from 1 to the other.
    Generally...
  5. This is not correct. NZ IRD and government want...

    This is not correct. NZ IRD and government want the NZ tax!

    Ross
  6. Hi Elliot, 1) The rent is NZ income. So the...

    Hi Elliot,

    1) The rent is NZ income. So the entity who owns your NZ home would need to return the income and claim any expenses in NZ tax returns. Then pay tax on the profit in NZ.

    2) Not my...
  7. Replies
    9
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    465

    ICA's are mainly lost through a change of...

    ICA's are mainly lost through a change of shareholding. Obviously if accountants get caught out on this a lot, then non accountants also get caught out a lot.

    If you plan to allocate to...
  8. Replies
    9
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    465

    Hi Beano, Also consider lost imputations is...

    Hi Beano,

    Also consider lost imputations is the number 1 way accountants get sued. If lost, then effectively pay tax twice. This shows that there is a considerable risk of losing ICA's!
    ...
  9. Replies
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    465

    Which was what I answered on. I put LTC vs...

    Which was what I answered on.

    I put LTC vs Trust. But for your post this meant LTC owned by Trust vs Trust (sorry if that wasn't clear)

    Ross
  10. You have asked this in the Facebook group and...

    You have asked this in the Facebook group and answers on there.

    For others, just make sure Home office claims are realistic.

    If live in NZ, and have rental in Aussi. Yes can claim fair Home...
  11. Replies
    9
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    465

    Normal Company? Be very careful as very...

    Normal Company? Be very careful as very difficult to get out Capital Gains. A Normal company is taxed at 28% vs Trust 33%, but the 28% is only an interim tax and long term often ends up at same...
  12. Best to get some expert advice from a specialist...

    Best to get some expert advice from a specialist for your circumstances, and your future plans. I don't like the commercial property and GST, in with your family trust.

    Ross
  13. Hi ak22, This might help - very basic video...

    Hi ak22,

    This might help - very basic video showing how you can use two banks

    https://www.facebook.com/thepropertyaccountant/videos/1338332332986058/

    Ross
  14. Replies
    1
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    228

    Hi, Generally property is long term, so there...

    Hi,

    Generally property is long term, so there isn't a rush to buy.

    If you have purchased 3 recently, then often I would suggest you pause a little bit to make sure everything is working well...
  15. Thread: Builder's pay

    by Rosco
    Replies
    21
    Views
    1,225

    I'm not saying being cheap, and I agree with...

    I'm not saying being cheap, and I agree with paying well. Just for hourly rates, you pay for work done, not for someones breaks.

    How would you feel if you paid your lawyer $500 per hour for their...
  16. Hi PT88, I would suggest you get some full...

    Hi PT88,

    I would suggest you get some full advice.

    Generally you would try to separate the commercial property from your residential rentals, and from yourself.

    You have lots of issues with...
  17. Thread: Builder's pay

    by Rosco
    Replies
    21
    Views
    1,225

    Accepted Practice by who? If you are employing...

    Accepted Practice by who?

    If you are employing someone, then yes you have to pay sick, holidays, morning tea, afternoon etc etc.

    But if you are engaging a business, then generally you either...
  18. Replies
    6
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    572

    Hi Trinz22, 1) Get legal advice 2) opex are...

    Hi Trinz22,

    1) Get legal advice
    2) opex are often are often understated. Make sure you fully understand what you will and won't be liable for.
    3) What do you have to lose from a guarantee? ...
  19. Thread: bright line test

    by Rosco
    Replies
    9
    Views
    699

    Brightline test taxes the gain in value. So sale...

    Brightline test taxes the gain in value. So sale price, less cost , less costs to sell that aren't deductible under normal rules(Commission for example) = Gain in value

    Normal expenses can...
  20. Replies
    234
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    15,676

    If you buy a new property today. I presume you...

    If you buy a new property today. I presume you have to insulate the property before renting?

    Does anyone know if this a fact? I presume there is no extension, just because you just purchased?...
  21. Replies
    234
    Views
    15,676

    In some ways I hope that isn't the case. How...

    In some ways I hope that isn't the case. How many years notice have we had?

    Or even without the new laws, shouldn't we as landlords be insulating anyway?

    Ross
  22. This might be useful too ...

    This might be useful too

    https://www.cswaikato.co.nz/index.php/latest-news-accounting-hamilton/accountants-hamilton-auckland/153

    Ross
  23. Thread: Family Trust 101

    by Rosco
    Replies
    2
    Views
    314

    I prefer 2. You sell the house to the Trust for...

    I prefer 2. You sell the house to the Trust for $400k (market value), the Trust takes out the $200k loan. The Trust then owes you $200k. You would then look at gifting this, either all at once or...
  24. Why overall as a family do you want to do this? ...

    Why overall as a family do you want to do this? Or even why do you want to do this?

    - Give a benefit to one child and not the others?
    - Why do you want to buy it if no rent? Or if there is...
  25. Thread: bright line test

    by Rosco
    Replies
    9
    Views
    699

    There are also other sections of the income tax...

    There are also other sections of the income tax Act where you can be taxed too. ie if subdivide or if zoning change for example! Plus intention test mentioned above, but there are also others!
    ...
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