Hi all,
Do we have owners of overseas property – my case NZ.
I have commercial property bought in a NZ domiciled trust, I live overseas ( neither OZ or NZ ). When I return to live in gods own country, ( QLD ) and become a non resident settler according to the Kiwis, they will probably decide I have a non qualifying trust and the tax implications are horrendous. ( 45% within the trust, 45% out to beneficiaries ) not good.
Does anyone hold property overseas and what structure ( if any ) do they use??
Cheersps. Did read last night on the ATO site that we can claim our interest expenses in NZ ( if a loss occurs ) against our Aussie income. Some good news.
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