Tax/GST/LTC Expert

Tax/GST/LTC
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.

Sub-let GST confusion

Luke asks:

Please advise: I am a commercial lease-holder who owns and operates my business in the building. A portion is subleased to a residential renter for an all-inclusive weekly rate (includes utilities, etc). The first payment is confusing me as to how GST should be dealt with in my accounting for this income. And how will I complete my GST return to reflect this at the end of this month? 

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Tenants in common partnership

Yvette asks:

My brother and I are planning on buying a property (50-50) with two houses on it (one title). I plan to live in one of the houses while the other one will be rented. What is the best type of entity to purchase this property, so that I do not have to return income on the house that I am effectively living in while my brother gets income on the other house (and can claim expenses)?

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Taxing land question

Janis asks:

I have one hectare of land for sale in Raetihi. The power is connected and the water and telephone cables are laid. It was bought while I was living in NZ.

However, I am now living in Australia. If I sell this property does my change in domicile mean the regulations set down for an overseas investor now apply to me? If so, can you advise what this would mean - and especially whether a financial penalty responsibility applies?

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