Tax/GST/LTC Expert

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.

Do-up sale tax rules

Leon asks:

Just wondering - if we sell a house that we have fixed up (which is not the one we live in) what are the tax obligations? Do we have to have a company to write off any expense to fix it up? Any information appreciated.

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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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