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Type: Posts; User: Anthonyacat

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  1. Replies
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    208

    The main issue with a company is the difficulty...

    The main issue with a company is the difficulty getting capital gains out (assuming it holds more than one thing, so you don't want to liquidate it).

    Otherwise I really like ordinary companies....
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    194

    Nothing further to add above Ross' message above....

    Nothing further to add above Ross' message above. You're probably fine, but it'll not cost much to get a full view and is probably worth it.

    But seriously consider getting a new accountant if...
  3. As Keys has said, this is not going to be...

    As Keys has said, this is not going to be successful. Its not new info for them.

    But I've signed. No harm. Good cause.
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    261

    I imagine it's a requirement of his lender. ...

    I imagine it's a requirement of his lender.

    Speak to Chris Lane of FirstLane brokers. He helped me insure a house I bought for a few months while I removed the scrim. I assume it's possible to do...
  5. ... And just to add another little "No you...

    ... And just to add another little "No you shouldn't", it actually won't work at all. You would almost certainly need to be a Trustee of the trust, in which case your name would be on the title, and...
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    Starting to become a complex situation now, so a...

    Starting to become a complex situation now, so a full answer would take a bit of research and a lot more time than I want to put in here now, but if a trust owns a property it will never be able to...
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    Errors in the above. If they were classed as...

    Errors in the above.

    If they were classed as boarders (which they are not, in this case) costs can be based on standard cost formulas, and it need not be filed on an IR3 if there is no profit....
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    699

    "This offer expires / is retracted in full unless...

    "This offer expires / is retracted in full unless confirmation of acceptance is received prior to 5pm on (insert date)"

    The real estate agent wont like it, but entirely within your right.

    I've...
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    1,559

    Solid background checks reduce that risk. Buying...

    Solid background checks reduce that risk. Buying in a 'nicer' area reduce it further, as does keeping your property in above average condition, and hiring a good property manager to do regular...
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    1,559

    What's your worry? Trading down gives you a...

    What's your worry?

    Trading down gives you a bunch of cash you should absolutely invest somewhere. Whether it's property, a share portfolio, term deposits, or anything else is a matter of weighing...
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    699

    Yes you can.

    Yes you can.
  12. Replies
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    1,133

    Looks like your 'blithering idiot' comment may...

    Looks like your 'blithering idiot' comment may have scared all the real accountants away in case you were talking about them!

    Spaceman's method described above is a reasonably defensible one, and...
  13. They could keep it in their own names, move it to...

    They could keep it in their own names, move it to a Trust, or create a company (with or without electing to become an LTC).

    They will need tax advice from an accountant stateside to work out which...
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    Multiple Dwellings, One Title

    Oh wise and benevolent PropertyTalkers...

    I am investigating a property that has three dwellings on a single title. A bungalow, and a two-story building that has as far as I can tell always been...
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    410

    Think you may have misread, Beano. I read it as...

    Think you may have misread, Beano. I read it as them having been in the UK a long time ago, now living in NZ.
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    410

    As a Chartered Accountant, I'd certainly be...

    As a Chartered Accountant, I'd certainly be telling you to declare it. But if you don't, the tax on $200pa will be $20-60pa, it's totally insignificant, and if it's going to cost you more in...
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    Plastic straws are dying, Bob! The sad thing is...

    Plastic straws are dying, Bob! The sad thing is how quickly the terrible paper ones go soggy. And that society isn't yet ready for a semi-permanent metal straw - though the keep-cups are starting to...
  18. Hi Andrew In standard circumstances, which it...

    Hi Andrew

    In standard circumstances, which it sounds like yours are, this is a completely legitimate and allowed transaction. The IRD have explicitly said so in at least one release, though I...
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    Pretty sure everyone is. I'm paying 4.45% for...

    Pretty sure everyone is.

    I'm paying 4.45% for my ANZ Flexi and 4.8% for my ASB Orbit. Though in practice I'm not paying much at all because they're mostly full.

    What are you on?
  20. Trusts still offer significant tax benefits in...

    Trusts still offer significant tax benefits in some circumstances - those with kids in their late teens, or an unemployed spouse or other close relative.

    But I have personally (and professionally)...
  21. What a great first post. Dreams are wonderful,...

    What a great first post. Dreams are wonderful, but can be a bit hard to tie down, and focus in one direction.

    I'm presently considering long term options of leaving Auckland. This is not my...
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    Looks nice! I'll give you $750k for it right now,...

    Looks nice! I'll give you $750k for it right now, unconditional. PM me.

    Seriously though (well, actually, if you're keen I was 100% serious) you just need to work out what yield you'll sell on....
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    There should be no NZ tax liability relating to...

    There should be no NZ tax liability relating to the situation described above. Irrelevant whether you have any other houses anywhere else in the world.
  24. Capital expenditure on the property is added to...

    Capital expenditure on the property is added to the initial cost of the property for bright line purposes. If you buy something for $200k, spend $50k renovating it, and then sell it for $300k, your...
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    Ringfencing has created virtually no...

    Ringfencing has created virtually no disadvantages to trusts. Losses were already ringfenced in trusts.

    If it was worth putting it in a Trust before, then yes, it's "still worth it."
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