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Type: Posts; User: Anthonyacat

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  1. I had a quick meeting with Kenyon from DuVal...

    I had a quick meeting with Kenyon from DuVal group a few weeks back. Build to rent is an excellent proposition for those with the means and experience to do so. I could absolutely see the big super...
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    Is out of most people's leagues - Beano can just...

    Is out of most people's leagues - Beano can just be a bit like that sometimes!

    But get 10-35 friends together and surely you can raise the $3.5M deposit to buy the place, no? Reckon I'd be in for...
  3. Hey Perry Proportion of tax take from income...

    Hey Perry

    Proportion of tax take from income tax has dropped markedly in that time. See table below, hope it comes out looking right.




    Year to 30 June:
    2008
    2009
  4. You're probably ok on this one. The Income Tax...

    You're probably ok on this one. The Income Tax Act section CB12 states that profits from a subdivision are taxable if the scheme is undertaken within 10 years of the purchase date. You've held it...
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    I did mention this directly prior to sham trust -...

    I did mention this directly prior to sham trust - I called it 'self interest'. But yes you've certainly unpacked the concept.
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    GRA are good trust-expert accountants, but you'd...

    GRA are good trust-expert accountants, but you'd probably be better talking to a lawyer.

    My good-but-not-quite-expert understanding:

    A: Yes I am fairly sure First Home status under Kiwisaver...
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    Hey All - Sorry I missed this thread earlier. I...

    Hey All - Sorry I missed this thread earlier. I don't check PropertyTalk as much these days now Graeme's Facebook group is so popular.

    For your insurance, you'll be wanting to notify them in...
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    For clarity to the rest of the community, 50k...

    For clarity to the rest of the community, 50k threshold applies only to individuals (including LTCs flowing through to individuals). If property is held in a company or trust, threshold is only...
  9. It makes perfect logical sense for subdivision...

    It makes perfect logical sense for subdivision potential to be priced into the asking price - though then discounted for the risks of not being able to do it, as well as the costs and effort involved...
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    Want to amend my previous post but has been too...

    Want to amend my previous post but has been too long.

    What I described in the post in terms of Use of Money Interest was correct until 31 March 2017. As of 2018 and future years, so long as the...
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    An interesting view. And one that would apply to...

    An interesting view. And one that would apply to all businesses, not just property investors. A few counterpoints.

    To start out with, I've never heard of May as being considered "so late" before....
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    1,256

    Hold your horses guys! The IRD forms are rarely...

    Hold your horses guys! The IRD forms are rarely available on their website prior to about the 22nd, because they don't want people filing before they get the March PAYE on the 20th.

    This year I'd...
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    Don't feed the trolls, or you might attract more....

    Don't feed the trolls, or you might attract more. If they're ignored they go back and sit quietly under their bridge.
  14. Lots of other common reasons people would sell an...

    Lots of other common reasons people would sell an awesome investment at a low price. I think Ronovations got in trouble in the media for pointing them out in a very un-PC way. What was it, deceased...
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    In short, the most likely answer is that the...

    In short, the most likely answer is that the Trust pays, and doesn't write it off or claim it as an expense.

    First up, in many cases insulation is a non-deductible cost anyway, and must be...
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    1,259

    I was once told by someone who knew his stuff...

    I was once told by someone who knew his stuff that the neighbours can technically go through the system to get the breached property returned to make the title correct again! But in most cases this...
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    You're correct that the subdivision will be safe...

    You're correct that the subdivision will be safe from the bright line test based on the facts above.

    However, subdivisions are taxable by default - unless you meet one of a number of exceptions....
  18. Incorporate a company. Cost you a couple hundred...

    Incorporate a company. Cost you a couple hundred dollars, and you can call it whatever lovely pro-vendor name you like. Easy simple.
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    Deductible loss. It's a see saw. Quite a pain...

    Deductible loss. It's a see saw. Quite a pain when it comes to estimating and paying provisional tax.
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    Pretty sure he got two definitive answers, from...

    Pretty sure he got two definitive answers, from two qualified accountants, available for your perusal above.
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    You pay tax on profits. Profits are sales...

    You pay tax on profits. Profits are sales proceeds less associated costs. There should be no 'justifying' of the build costs, just tracking of these. For simplicity, I'd recommend a single bank...
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    Flaws in your logic. I agree that landlords...

    Flaws in your logic.

    I agree that landlords have had margins squeezed by unfair changes such as the scrapping of depreciation and ringfencing of losses. I've not heard anything serious about...
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    Self defeatist? Not at all. I'm not the one...

    Self defeatist? Not at all. I'm not the one looking to challenge 60+ years of case law around the capital/revenue distinction, against a well-resourced government entity that has a great track record...
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    I think the definition is very clear. Legal...

    I think the definition is very clear. Legal expenses are defined as fees for legal services rendered by a person who holds a practising certificate issued by the New Zealand Law Society or an...
  25. It's poor wording on the site. But it does say to...

    It's poor wording on the site. But it does say to contact a tax professional.

    Sale costs have always been deductible on properties where the gain on sale is assessable income. This is no different...
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