A family trust has owned a family home and a holiday home since 2000. In Oct 2017, the trust started building a 200m2 dwelling (without subdividing the land) on the land where the holiday home is. Please advise whether the new dwelling is subject to Bright-line Test.
Read MoreWe have a client who has just purchased a property to renovate and on-sell. The activity is a one- off transaction and not seen as continuous for GST purposes. They prefer not to register for GST. They are asking us if they should actually register for GST. What is the best way to advise our client please? (My client understands that the transaction is subject to Income Tax).
Read MoreAn individual bought insurance to cover his mortgage liability, which is a major expense serviced by his income. Can this insurance premium be deducted as expenses in his personal tax return?
Read MoreA client bought land. The intention was to sell for a profit. He sold the land after two years, and made a loss.
The question is whether he can use the loss to offset other income, such as salary and interest etc.
Read MoreMy client is dissolving his Trust and transferring all assets (via him and his wife) to a company structure. Included in the assets is the family home. As long as no costs associated with the home are claimed for tax purposes is there any issue with the home being owned by the company?
Read MoreWe have a client who inherited three rental properties in Sept 2017. We are looking at transferring these properties into a Trust the client has created. Will they be caught under the brightline test and if so how will the gain be calculated, as she didn’t pay anything for the properties.
Read MoreIf a property is being sold and is subject to tax under the bright-line test, are all the holding costs since the property was purchased deductible?
Are rates paid back to the time of the initial purchase deductible on sale?
Read MoreCould you confirm the following is correct:- Because property was jointly owned, then upon a relationship property transfer into one party's name, it is treated as being transferred on the same day as the original purchase and so falls outside of the bright-line test.
Read MoreI have a client who has owned a rental property for a long time so it has depreciation claimed on the dwelling...
Read MoreA client required a valuation on their residence in order to get a loan to buy an investment property. Can they claim the cost of this valuation?
Read MoreI have a client who needs to strengthen their building to get up to code due to the earthquakes in the upper South Island. Normally I would say this is to be capitalised. However, do you know of any tax changes allowing building strengthening to be expensed due to earthquakes?
Read MoreI have a client who bought a residential property on 20.01.2017 This was their holiday home. They bought it under their Family Trust. They want to transfer this property to their Limited Company and rent it out.What would be the tax implications ?
Read MoreShould the costs of building fitout be capitalised and depreciated? e.g. An office is leased by a company for its business use and they have to do some fitout work to make it suitable. We believe this is the case but would like confirmation.
Read MoreA client has a rental property. There are two houses on the land, offering a home and income situation. He has rented for 4 years. He now plans to split the property into two titles, and sell the house. I assume he is not liable for income tax for changing the title and sell as it was an rental investment property?
Read MoreI have a client who has a property in Queenstown, which is rented out during the year on a short-term basis, via Airbnb. Is there any requirement for them to be GST registered? I assume it's considered residential property, so no need for GST registration. Am I correct?
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