Forum Replies Created
Hi,
Also, feed and water your crew,even the paid employees. This will have a dramatic impact on the mood at the job and productivity. (no beer till tools down, don’t want any missing fingers.)
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Henry.Hi YC,
No problems to set up a NZ company/trust structure. It can be done in a few hours if you need it to be. The things is that to qualify as a NZ resident corp there are certain requirements to met in relation to NZ shareholders. That isn’t really difficult to overcome.
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If distributions are made to you (capital or income) you will be taxed in NZ and Aus but not twice. There are recipricol tax treaties as others have said.
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That said, NZ has recently been voted the easiest place in the world to do business. Their legislature and tax system are still supportive of local and foreign investments in property.
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xxx if you need to know specifics pm me. The people I have used worked well for me and are happy to keep me informed of the latest developements.
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henryHi stingray,
6k[happy3][happy3] ???
Take it to the casino and put all on red …
..
If you win all on black.
[specool]henry
Hi Chan
I hope that was a joke about the property still being there cause the rent is still coming in………[sleepyanim]
Henry
All,
Try the refresh button on the keyboard if the page is stuck. Worked for me.
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henryGuru,
Thanks for adding mine.
Henry
Hi fjficm,
Not really an arms length transaction by any stretch of the imagination.
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The definition of a CGT event is extremely broad. As far as I remember monopoly is right. They would only be interested in the market value at the time of the CGT event ie the date of contract.
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Hardly seems fair though.
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HenryHi CD,
Good point. Still good opportunities out there.
Henry
Yeah, I have read that RK book too. I’m might give my crocery receipts to my accountant as see what he does with them. The expense must be incured in the production of income. Personal expenses are just that, Personal.
Hello Misty,
The short answer to your questions is no. What I think you were asking is can you claim the value of your labour as a tax deductible expense in relation to an investment property in Australia.
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There a many reasons for this and a lot of them have to do with the way income tax laws developed in this country as opposed to others.
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However, the modern rational for this is really a PUBLIC POLICY one. That is, allowing people to claim the value of their own labour would be imposible to police,difficult to measure and cause a significant reduction in the tax base.
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There are many other technical issues but it is just not practical to allow such deductions.
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While you are doing your reno’s you will be learning valuable skills that you will use time and time again during your investing career. You may find that as you progress it may be better use paid labour to get the job done while you spend your time concentrating on deals.
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However, as many of us have experienced there may be times when you have short term cash flow problems and doing the work yourself is the only way to get the job done.
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Leanring these skills during your first few projects is not essential but help. Being around while the work is done can also help you manage a project and give you some realistic idea of time frames and projected costs based on hourly rates etc.
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Some of us even like getting our hands dirty.
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Best of luck and don’t give up.
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HenryMichael,
Thanks for taking the time to provide such a detailed response. Raised a lot of issues that I would like to do some research on. I might raise the issue again some time when I have a some more specific questions. You sound like you are experienced in those markets and have shown that you have a wealth of knowledge.
Henry
.Hi Bigben,
I agree with you ( I know it was a old post) there is some merit in certain parts of islington. However, the idea that street prostitutes will move just because middle class families move to the area and pay alot for the homes is not a reality.
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A more likely senario is that the pros will stay and the resident will pride themselves on living in such a “colourful” and “earthy” area.
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Your point about the changing demographics is a good one though.
.Henry
