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.
I have 3/4 equity in my home and I am planning to purchase a small unit as my primary dwelling and then rent out my first home to family. It will most likely be a short term rental for a few years only. What is the best and most efficient way, financially, to do this with regards to tax obligations? I have owned my first home for over five years.
I am a New Zealand citizen (with a NZ tax code) and live in England. I moved here in the mid 80s and have been paying tax in the UK only since this time. I have just finished building a house in Tauranga and will be renting it out in the medium term and will live in the UK. But I wanted to find out where I should (or where I have to) pay tax before I engage with either tax department? Would it be it New Zealand or the UK?
We have rented out our property in New Zealand for 13 years and in that time we have not submitted a tax return. Where do we start and what can we claim? We reside in Australia.