Hi all,
I have been working in OZ for the past 10months and have a rental property in NZ ( purchased in 2004 in my own name ) and I believe I have to declear this in my OZ tax return for this year. Also I have started a property company ( also in NZ ) which only has bare land in it for future rentals. In December this year I wish to sell the rental property from my own name to the company and believe that I will have to pay capital gains tax in OZ due to the increase in value but, since there is no money changing hands will I have to pay this tax?
Also If I have to pay, is there away to reduce the tax payed?
I will continue to work in OZ.
Thank you
Tarn
I have been working in OZ for the past 10months and have a rental property in NZ ( purchased in 2004 in my own name ) and I believe I have to declear this in my OZ tax return for this year. Also I have started a property company ( also in NZ ) which only has bare land in it for future rentals. In December this year I wish to sell the rental property from my own name to the company and believe that I will have to pay capital gains tax in OZ due to the increase in value but, since there is no money changing hands will I have to pay this tax?
Also If I have to pay, is there away to reduce the tax payed?
I will continue to work in OZ.
Thank you
Tarn
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