Overseas Property Investing

Okay, heres a curly one. As I’m now an Australian resident, (but still a kiwi citizen) and obviously paying tax in both countries (that really does sound like a bit of a rip off!) how will it work if – my NZ properties are owned by a Loss Attributing Qualifying Company, (do these companies peform the same way here in Aust?) which in turn is owned by my family trust – all set up to minimise tax payouts against my personal income. If I use this tax vehicle in NZ, can I use a similar one here? And, <deep breath!> if I have minimised, or through the LAQC, turned the properties into a loss, can I claim that against my income here? I’ll sit down and work it out, but this method may help those investing in NZ from here.

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When renovating your own home in Australia, don’t include labor costs because these are not calculated. However, all materials used can be included in the estimated cost of construction. All of your selling costs and renovations are covered after you purchase your home and you still have $250,000 in capital gains available to you.  Some elections are binding, while others only apply in particular years. You should get expert advice before making these decisions. A non-spouse resident, filing with a taxpayer identification number on their return if they did not previously have one, may have unintended consequences.

This is an area where we must handle properly. Keep in touch so we can help. We can look at your superannuation balance and various contributions throughout the year you’ve worked. It is not clear from the IRS how much money you should invest in your superannuation account, so adding a large amount could have negative consequences. We can put on a certain amount without triggering any U.S. implications if you want to. By checking your account, we will be able to determine what your limit is without harming yourself.