Hi All,
Catchy title, my last effort at the subject.
We are expats and have property in NZ, we will return to OZ in a few years and at that stage we face decisions in regards that property. Our present thoughts ( they have changed a number of times ), are to keep our company / trust arrangement in NZ and to set up a similiar arrangement in OZ as a beneficiery to the one in NZ. Do we have bloggers with experience in the cross Tasman thing? If so, do you have similiar structures – or not as the case maybe.
Happy feastive season to all.
Hello 25North
Sorry I don't have any answers for you but I do have a question.
Is the reason you want to have the new DT, which you set up in Australia presumably for property you intend to buy in Oz , as a beneficiary of the NZ trust is that then some of the income earned on your NZ property can be used to help pay off the loans within the OZ trust?
Actually I believe that whether your Oz DT can be a beneficiary of your NZ DT depends on your NZ trust deed and not the new Oz trust deed. Is this allowed in the deed?
Happy and prosperous New Year to all
ElkaHi
It is probably best to set up a new structure here. hopefully your NZ trust deed is worded so that any trust you set up would be a beneficiary.
Tax issues involving 2 countries are very complex so you should seek good advice. Eg. if you come back to Australia and become residents for tax purposes you could be up for CGT on the NZ properties which would may not have had to pay if you stayed there (last I heard was that NZ didn't have CGT).
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
Thanks guys,
In answer to your questions Elka, at this stage our properties in OZ are all in individual names. The trust in OZ is to be set up in order to alleviate possible complications from the kiwi side, when we return to OZ we have been advised that the KIWI IRD may consider the trust non conforming ( No NZ based settlor ), very unpleasant tax consequences.
WILL certainly investigate the laying off NZ income against Aussie – will let all know progress.Thank Terry,our NZ trust appears to be setup in a manner that allows us to nominate the OZ Trust as a beneficiery.
Few grand thrown at this already but after meeting a firm at a Melbourne seminar, appears this beneficiary trust is the go.
And yes at this stage, still no CGT , Stamp Duty or Land Tax. We are still finding good commercial deals at the moment, although yields down to high 7,s, the lack of costs helps.
Hope everyone had a good New Year.
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