Reworking for families?
Question from Fiona updated on 3rd June 2013:
My partner and I are New Zealand citizens but we reside in Australia. All of our properties are currently owned in joint names. We have been talking about moving back to New Zealand and starting a family. This would reduce our income significantly. Would we be entitled to any Government child support or assistance if we have rentals? Should we look at restucturing our loans?
Our expert Mark Withers responded:
The Government has issued a revenue alert to identify circumstances where Working for Families entitlements may have deen calimed inappropriately due to the offset of rental losses. It is unlikely that the properties by themselves would entitle you to any benefits but if your personal services incomes are low there may be entitlements despite the properties.
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.