wlynch

wlynch replied to the topic When does a property become a millstone around your neck or is this a matter of just hanging on? in the forum Help Needed! 14 years, 8 months ago

Thanks Guys,

Just had the place appraised and as it turns out it isn’t worth selling at this point so I’m left with needing to rent it out. When the unit was first advertised the agent tried getting the rent up from where it was and we have reduced it from there since. It’s now currently be advertised for only $5 more than what I was getting from…[Read more]

wlynch replied to the topic Need help getting out of my NZ investment in the forum Overseas Deals 14 years, 8 months ago

As it turns out, after finalising both NZ and OZ tax returns. 20.2K NZD this year for me, which are the accumulated losses, in AUD 16.2K. Worth claiming I say!!

Wendy

wlynch replied to the topic Investing in NZ in the forum Overseas Deals 14 years, 8 months ago

Oooo sorry Ozharp have just thought, forgot to say, DO NOT set up a NZ company to put your investments under. Did that and learnt the hard way. The losses are lost forever!!!

Wendy

wlynch replied to the topic Investing in NZ in the forum Overseas Deals 14 years, 8 months ago

Hey Ozharp

I answered pretty much this question in another forum a few weeks ago the following is guts of what I had to say. Hope it helps.

I own two investment properties in NZ one in Whangarei which I’ve owned since 2004 and one in Nelson which I’ve owned since 2007.

I know for sure that all of your losses are a tax deduction over here and…[Read more]

wlynch replied to the topic New Zealand Deals Everywhere in the forum Overseas Deals 14 years, 8 months ago

Hi Vicky,

I’m a NZ’er who’s lived in Oz for 28 years but have two positive investment properties in NZ and would dearly love to buy again but for the life of me I can’t find a bank now that will give me a loan without 30% deposit, NZ’er and all!! I’ve had one property since 2004 and the other since 2007 so have some history, bank accounts, IRD…[Read more]

wlynch replied to the topic Need help getting out of my NZ investment in the forum Overseas Deals 14 years, 8 months ago

Great news Krish but don’t be too hard on your mate as I was only speaking to my NZ accountant last week and we were discussing a claim that I thought I was entitled too and basically his comment to me was that, ‘it didn’t matter anyway as the losses would only just sit NZ until I went back there to work to beable to make a claim agaisnt them.’ I…[Read more]

wlynch replied to the topic Need help getting out of my NZ investment in the forum Overseas Deals 14 years, 8 months ago

Hi Krish

I own two investment properties in NZ one in Whangarei which I’ve owned since 2004 and one in Nelson which I’ve owned since 2007. Although different to your situation, mine are positively geared now thanks to the drops in interest rates.

The Nelson property has held it’s own as far as capital gains are concerned and the Tasman area is…[Read more]