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.

No loss deductions

Ricardo asks:

I have two leasehold apartments within the Auckland CBD (relatively low value, $40-50k range). These were purchased purely for rental. During the course of my four year ownership, there have been ground rent reviews for each of these, which have resulted in a 2-3x rise in rent.

I have been told by the real estate agents that the expected price would be significant lower than what I paid for, sustaining a capital loss. Would I be able to claim back capital loss on sale of these apartments?

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Tax liabilities for LTC property

Barry asks:

I've owned a property for around nine years now and it is in a LTC/LAQC setup. I'm looking at selling the property and wondered what sort of GST/TAX liabilities there would be.

We bought the house nine years ago for $730,000. We believe we can sell it for around $1.3m or there abouts in the current market and there is only around $280,000 left on the mortgage.

My understanding is that when selling the property it is GST inclusive. (I'm assuming we're selling it to a new home owner that is not GST registered).

Do we need to pay the GST portion back to the IRD? Or pay any capital gains on the profit (the latter I don't believe)?

Any advice would be greatly appreciated.

 

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AirBnB tax calculations

Natalie asks:

We rent out our sleepout on AirBnB, for short-term rentals. We know we need to declare income, and can claim expenses, but we are not sure of the 'method' for this? We don't seem to be landlords (overnight stays) and they're not boarders (no meals). And would we count expenses as a % of floor space? or % of occupancy? 

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