Hi all
I have some PI in NZ in own name
accountant in NZ informs me to put in a trust
accountant in oz says no as I am up for tax from the income from trust
question 18b on tax r/t
(accruals taxation of mom-resident trust income)
so does anyone ahve any ideas about leaving PI in own name or put in trust and have to pay tax when the trust starts to make money
glenn“I should be content to look at a mountain for what it is and not as a comment on my life” D. Ignatow
I don’t invest in NZ, and don’t know much about tax there, but Wouldn’t you have to declare the income in Australia anyway if it was in your own name? A Trust may give more flexibility in distributing it to the lowest tax paying beneficiary, or even to a company in NZ and leaving it there. And what are the costs to transfer it to a trust – you may have to pay CGT here.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Recoveryman,
you really need to speak with an NZ accountant and an Aussie Accountant. I seriously recommend not just taking an Aussie accountant’s advice unless they have good NZ tax knowledge, and vice versa. I have my accountants talk to each other to make sure it works on both sides of the Tasman.
Cheers
CDCastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”Hi
CD both accountants have talked to each other
and have agreed own name is best
Terry
minium cost to transfer, but accountants say own name better, you do have higher cost per year in trust
p.s I dont have a income only live off PI low cashflow which would make a difference for tax reasons
Glenn“I should be content to look at a mountain for what it is and not as a comment on my life” D. Ignatow
hi
all, any other ideas
glenn“I should be content to look at a mountain for what it is and not as a comment on my life” D. Ignatow
Glenn,
Just a general comment…
It would depend on your complete circumstances, like if you’re intending to buy more properties in future, whether you’d be the only beneficiary of a trust, whether you’re likely to have other sources of income in the future, whether you’re expecting cashflow to exceed your daily needs, whether you’re planning on selling at some time, whether you’re running any business with a risk of being sued, and so on.
There are more things to consider than just the tax implications. Trusts are more expensive to operate, and if you bring all the income back to Australia then you’ll be taxed on it either way. So personal name may well be better, but it depends on all the other aspects as well.
GP
Hi
thanks for the info
for me having them in own name is best
no high income
not likely to be sued
and still concernedabout that question about trust in the tax r/t
also spoke to my solisoter here and in NZ
both agree for me trust are not right
glenn“I should be content to look at a mountain for what it is and not as a comment on my life” D. Ignatow
Hi
thanks for the info
for me having them in own name is best
no high income
not likely to be sued
and still concernedabout that question about trust in the tax r/t
also spoke to my solisoter here and in NZ
both agree for me trust are not right
glenn“I should be content to look at a mountain for what it is and not as a comment on my life” D. Ignatow
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