I have a LAQC for a rental property. I hold 99 percent shares and my wife holds 1% percent shares. I am planning to go out of the country for job prospects. Will it be a good idea to shift 99% shares to my wife and keep 1% for me as there won't be any NZ income for me after I move out but wife is likely to stay here for another 9 or 10 months. If yes, how do I do this change in shares ?Thanks in advance.
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First advice: Talk to your accountant
Shifting the shares around purely for tax benefits is a big no no.
I had a similar situation: 50 /50 split of shares in an LAQC - my partner then went back to University and therefore no income, my accountant advised us not to re-allocate the shares. The tax losses for my partner are still there once she starts earning again (Another one for Mr. Accountant to sort out)
But your accountant will be able to fully assess your situation and give a more qualified answer.
Chemill
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