Wouldn’t it be wonderful to wake up one morning and find your bank account had increased into the 6 figures. Unless we’re lucky enough to win lotto, it’s highly unlikely it’s going to happen. However you can increase your wealth gradually by putting your efforts into the most profitable areas.
Do You Need To Consider Who Owns Your Properties? Sole owner? Joint Tenancy? Tenancy in Common? Ordinary Company? Loss attributing qualifying company? Family Trust?
Property investors, whether they are following the trading strategy and/or the buy and hold, will need to be aware of the wide ranging and often complex taxation ramifications. Taxation (including GST) is the largest single expense you will face.
In the majority of circumstances it is worthwhile having a chattel valuation completed for tax purposes. What do we mean by worthwhile?
It’s interesting how wedding fashions go in cycles. In my day, it was quite sufficient to put on your kaftan and roman sandals, arrange a few flowers in your hair and exchange shell rings on a beautiful sandy beach.
Trusts have become very popular in New Zealand with many thousands having been established in recent years. There is good reason for their popularity, as they are one of the best ways to provide protection to yourself and your loved ones from future adverse events impacting on your hard earned wealth.