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.

GST query

chris asks:

I have a fairly straight forward question, but want t make sure i get it right. I have elected to pay GST on a six monthly basis and am wondering whether my GST refund should be the net of GST received in the six months minus any GST paid on expenses / bills. If the answer is no I'm guessing that's because the full expense bill(base expenses & GST component is deductible at the end of the year? What has made me second guess myself here is the fact that when businesses buy cars they purchase at the GST free rate and claim the net expenses over several years. I'd appreciate your help, thanks,

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Weighing up restructuring

Himani asks:

I have a home in Auckland: the GV is $900,000 and we have a loan of $544,000. We purchased an investment property in Invercargill in 2018. The loan on that property is $350,000 and it is on interest only. The rent from the rental property is covering almost all the expenses and interest payments. We have been advised to transfer the rental property to a LTC. Is it wise to transfer the property to LTC or what structure can we have in place?





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Granny flat taxes

Kim asks:

We've purchased an investment property for my elderly mother to live in. She is paying us below market rent which covers our mortgage payments. The insulation and heating standards are below par, but she is on the pension/community services card and a gold card member. What are the tax implications for this arrangement? Do we/she qualify for any subsidies for upgrading the house insulation/heating if she's not on title?




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