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New Zealander Based in Sydney looking for Financial Advice
I am from New Zealand and have been living in Sydney for ~4 years. I am likely to be in Australia for a long time if not indefinitely. I own an investment property in Auckland (New Zealand) and run this through a LTC. Does anybody have an accountant or finance advisor who they can recommend and understands obviously NSW property tax and law as well as NZ property tax and law? Surely there are a lot of New Zealanders in Australia in a similar situation to me so your feedback would be appreciated.
NOTE: I'm really looking for genuine advise from people in a similar situation as opposed to companies selling themselves.
Hi Scott, I realise you are not looking for posts from an accountant, but I try to give good info rather than sell myself.
A few points to think about
- capital gain tax - If you are tax resident in Aussi, then you are likely to be liable for capital gains tax on any sale of NZ property
- LTC is often not used for overseas owners. Australia won't recognise the LTC, and therefore if your rental is running at a loss you won't be able to offset this loss against your Aussi income. Not saying you should put in your personal name, but if it was in your personal name, the loss (if you have one) could offset your Aussi income.
- If you are highly geared with debt, you are unlikely to be able to claim all the interest in NZ.
Generally you would complete NZ tax returns using an NZ accountant (who obviously understands the NZ side), and then an Australian accountant (knows the Aussi tax and capital gains best)would complete your Aussi tax return and incorporate the NZ rental. Each country has very complex tax laws, so is why one accountant won't do both.
Coombe Smith Property Accountants www.cswaikato.co.nz
Get the best
property tax advice from a chartered accounting firm
that has specialised in property for 12 years
That's my experience. I've been in Sydney 10+ years. Have a couple of NZ IPs. Hard to judge if my Aussie accountant understands all the implications of my NZ IPs and is providing me with all the tax breaks I'm entitled to. So, I'd be keen for a recommendation too. IPs are in my personal name.
Ross has a good reputation.
My accountant, Kenina, is an expert in this area and we were recently discussing some rule changes that may affect NZ'ers living in Australia but investing here (and there). Shoot me an email at nick (at) ifindproperty (dot) co (dot) nz and I can introduce you. If she can't sort you out she'll guide you to an advisor who can
Sorry. Nick. M is right next to N and I didnt realise the typo until I posted!
At least the "D" is on the other side of the Keyboard!
You need to pay attention to your budget. It is always a good idea to set the budget and know the pricing in the area you choose.
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