Chartered Accountants Auckland

The countdown’s begun – LAQCs & LTCs

September 2nd, 2011 | Posted by Accountants Auckland in Look through company (LTC) and Qualifying Companies - (Comments Off on The countdown’s begun – LAQCs & LTCs)

Change your LAQC to an LTCThe countdown’s begun and we don’t mean to that Rugby thing.  You need to apply before 30 September 2011 if you want your loss attributing qualifying company to become an Look-through company.

If you don’t apply then the company will remain as a QC (Qualifying Company) but without the ability to attribute losses to shareholders. Alternatively, you may want to exit the QC regime and become a standard company or restructure the ownership of their business/assets so (more…)

Gift duty going going gone

September 2nd, 2011 | Posted by Accountants Auckland in Gift Duty | Trusts - (Comments Off on Gift duty going going gone)

GiftWith gift duty abolished this week you may be tempted to gift everything in one lump sum but here are a few key things to think about first. Gifting all your debt so that the trust no longer owes you a penny may give you far better control over your Will/Estate.  It might also make it that bit harder for the Trust to be dragged into any  relationship property claims. But be careful because, without that debt, you might lose some control of the Trust and your ability to take money out of it. You may also stand to lose some tax benefits if (more…)