Tax/GST/LTC Expert

Tax/GST/LTC
Ask Nick Ashford of Withers Tsang & Co questions relating to Tax and Asset Structures

Nick Ashford and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

Interest deductibility problem

Karl asks:

I am moving city and plan to rent my existing house and buy a new house when I move. My current house is owned by my wife and I through a Trust structure. My wife does not currently generate income.

I will need to mortgage my existing house to buy the new house but would expect not to have to include the new house in the mortgage security.

I am keen to understand the best strategy and structure to minimise tax on rental revenue. Am I able to match the interest expense of the mortgage against the rental earned on the rental property?

 

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Shifting mortgages impact on tax

Jean asks:

We want to sell one of our two rental properties and need advice about shifting mortgages between properties and tax obligations.

Mortgage one was taken out in 2009, secured against our home and rental property one. Mortgage two was taken out in 2014, secured against our home and rental properties one and two. To date we have offset interest payments for mortgage one against property one and mortgage two against property two.

Our query: If we sell property one, pay off mortgage two and shift mortgage one to property two, are the interest payments still tax deductible?

 

 

 

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Australian tax considerations

John asks:

A question on Australian CG Tax. I am looking to sell a property in Australia. Is the tax payable to the ATO claimable as an expense in your New Zealand tax return? I do file here,but I am not sure how selling an Aussie property is handled here?

 

 

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