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  1. #1

    Default Company/Tax advice for structuring - Wellington

    Hi all

    Can anyone recommend a competent accountant or similar in Wellington who can provide some advice for my situation?

    I have two IPs that are residential apartments plus one stand-alone car park, all of which are held in my name.

    I would like to transfer these to a company in order to keep them separate from the OOP. I want to do this both for tax and relationship property reasons - the IPs were acquired before current relationship, so I would like to account for them separately from the family income at the end of each year.

    All of the IPs are making a good return, and my intent is to keep them ticking along by themselves - that is, to leave the money growing in the company, and to access it when I retire in 20 or so years. Unless something unforeseen happens, I am happy subsisting on my salary income in the meantime.

    The advice that I am looking for is broadly:
    1) is the company structure the best choice for what I am trying to achieve; and
    2) how do I put the capital into the company and take it out in the most efficient way (specifically, for what figure will I "sell" the properties to the company, and how can I extract any capital gains in the event I do sell one or more of the IPs)
    3) a little bit of help with the secretarial aspects of running the company (what resolutions/actions I would need to take, how to keep track of the shareholder account etc)

    If you have dealt with anyone in Wellington who seems competent with issues of this type, I would be very grateful if you could forward me their contact details.

    Thank you all!

  2. #2
    Join Date
    May 2008
    Posts
    3,558

    Default

    Why get someone in Wellington?
    You don't have to meet with them, do you?
    Why not select from the best property accountants in New Zealand?

  3. #3

    Default

    A fair point Bob, I suppose I could just as easily get this advice in a phone call or email...

  4. #4

    Default

    Is there anyone you'd recommend, Bob?

  5. #5
    Join Date
    May 2008
    Posts
    3,558

    Default

    There's two contributors to PT who seem to know their stuff - Rosco and Anthonyacat.
    Other property accountants have been recommended before - I'd check them all out - send them an email and see how they respond.

  6. #6

    Default

    Thank you, that is helpful, will do.

  7. #7
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,592

    Default

    Hi International Yeti,

    With video calling technology where you can share screens and spreadsheets etc, it really doesn't matter where you are getting the advice from. I just about prefer video meetings, as no mucking around, no parking, no sharing bugs if you are sick etc.

    A big think I would consider is how will you get your capital gains out - I'll share an article shortly.

    Also I would recommend getting relationship property advice! There are probably smart ways to structure your overall affairs, but they might ruin your relationship property. So having a relationship property agreement done through a lawyer who specialises in this field can help you get the best of both worlds!

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  8. #8
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,592

    Default

    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  9. #9

    Default

    Hi Ross. This is very helpful, thank you.


 

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