Tax/GST/LTC Expert

Ask Mark Withers, director of Withers Tsang & Co questions relating to Tax and Asset Structures

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

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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Overseas move impact

albin asks:

We own an investment property in Auckland. It is jointly owned by my wife and myself. We bought it in September 2015 and have never lived there - it has always been rented.

The property has an LVR of 85% as of the current desktop valuation by QV. It is negatively geared and the yearly loss after income is about $25,000.

I am now moving overseas to work in Dubai for a long term.

So we are wondering what is the best way to structure the loan? If we move the existing mortgage to LTC does it affect the LVR? This is assuming we stay with same bank or can move to a new bank if required. Investment properties in Auckland need 40% LVR these days.



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GST sale considerations

heather asks:

Back in 2007, we bought a hotel apartment, GST included. We claimed the GST back at 12.5%. We have just sold the apartment in April 2016 to a non-registered GST buyer - again GST included.

Given that the GST is now 15%, how do we work out the GST payable ? Will the total sale amount be at 15% or will some still be at 12.5% ?

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