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The IRD has recently released a draft interpretation statement on tax residency. Although only draft at this stage, it signals a significant change in the way the IRD applies tax residency rules and if finalised without alteration, may impact upon clients whom are outside of..
Read ArticleIf you have a company that used to be an LAQC before the rule change on 1 April 2011 and you have not previously taken any action in terms of transitioning the company into the new Look Through Company (LTC) regime, you still have one..
Read ArticleThe recent Australian Budget announcements include a significant rule change which will affect any New Zealanders whom hold property investments in Australia. Specifically, the 50% discount which was available when calculating capital gains tax on property that has been held for more than 12 months..
Read ArticleMany of you will be aware that the Government have changed the rules on gift duty, repealing gift duty legislation from 1 October 2011. The effect of this is that IRD will no longer have an interest in gifts made after this date, as the..
Read ArticleThe IRD has recently released an issues paper in relation to the tax treatment of mixed-use assets. Whilst the issues paper will apply to a range of assets including yachts, launches, aircraft for example, its application to holiday homes is likely most relevant to readers..
Read ArticleIn our last newsletter I talked about the new zero rating rules that apply to land transactions between two GST registered parties. In this edition I'm going to look at the new apportionment rules that were brought in at the same time and apply from..
Read ArticleLabour intend to ring-fence property losses to future property income. This will send thousands of investors broke fast. Take investors' tax refunds away, property values crash. This is well documented overseas. Sweden property values dropped 35% when they ring-fenced losses and the following government reversed..
Read ArticleMany of our clients come to us because they are not getting advice or they are not satisfied with advice they are receiving from other accountants. In recent times the tax changes introduced by the National Government regarding property investors have created quite a stir...
Read ArticleOn 1 April 2011, new GST rules came into force. Perhaps the change of most significance to many of our clients are the new rules around zero rating of land transactions. These rules were brought in to address concerns the Government had about GST leakage..
Read ArticleTestimonials
This letter is to express my appreciation for the assistance and encouragement of both Anthony Lipscombe and particularly John Heaslip over the last financial year. The period since activating my trading trust has been one of considerable stress, as well as personal development, as I embarked on this as a relative business neophyte with virtually no awareness of the contemporary requirements of running a business, particularly the financial records aspect. During much of this period I have therefore felt considerable out of my depth. However I have been lucky enough to have had the benefit of the advice and support of John Heaslip in rationalizing what was a fairly chaotic set of records of the first year property trading. I am able to say that John in particular, has been unstinting in his attention to my needs and has done so in a manner which has never alluded to my extremely rudimentary grasp of managing a business, or even of being unable to set out a spread sheet properly. The result of the above guidance is that now, although my trading trust would still not be able to operate without the advice of GRA, I do least feel a sense of satisfaction that I have got to my present point without major disaster and that my property trust does now have some kind of firmer basis for any future activities - Name withheld by request
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.
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