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Advice
on GST and income tax implications of property transactions
[This
category comprises 70-80% of our work on an ongoing basis]
- Income
tax on gains on sale of land - evidence as to purpose of resale/dealers,
developers and builders/ associated persons/ subdivisions/ work
of a minor nature/ rezoning/ analysis and recommendation of
various ownership structures. All
advice updated for Income Tax Act 2004
- GST
on commercial, domestic and combined activities including property
developers, long and short term accommodation - sale and purchase,
leases, licenses to occupy and change in use, apartments owned
by a body corporate, short and medium term accommodation, sale
of land used for residential rents
- GST
input tax credit on purchase from an associated or unregistered
vendor; reversing an incorrect GST deregistration and potential
penalties
- Restructuring
rental properties and ownership
- Income
tax and GST on sale of “transfer development rights”
- Deductibility of repairs and maintenance vs capital
improvements to buildings
- Criteria of a going concern and dispute over zero
rating
- Structure purchase of a farm in Australia including
liaison with Australian lawyers and accountants
- Goodwill on sale and purchase of leases
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Structure of trusts, partnerships, companies and dividends
- Advice
on start up, restructuring and sale and purchase of business
ventures including companies, trusts and trading trusts - issuing,
buyback or cancellation of shares, capital gains, dividends,
waiver of dividends, adding or removing members of a partnership,
assignment of interests to family trusts,
NZ and Australian investors
- Restructure of accounting and (with effect from 1 July 2008) legal practices, to maximise commercial protection and other benefits
- Application
of attribution rule, and also need to pay market salary to personal
services provider (following TRA case V20/W33)
- Shareholder
continuity including voting power based on dividend rights,
constitution of company, notional person, look through tests,
preserving and accessing accumulated tax losses
- Imputation
credits - access by shareholders, charities, continuity, overdrawn
imputation accounts, further income tax, penalties and successful
reversal
- Eliminating
overdrawn shareholder-employee current accounts, intercompany
debt through reconstruction
- Asset
protection, use of a corporate trustee, company/trust structures
- Dividends
paid by a qualifying company or LAQC
- Income tax on capital gains distributed upon liquidation
- Voluntary windup/liquidation, restructure where
previous shareholders uncontactable
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Other issues concerning income tax, GST and other
revenues
- Analysis and advice on income derived from other jurisdictions including Germany, Australia, USA, United Arab Emirates, Saudi Arabia, Hong Kong, India, advice and binding ruling in respect of ‘transitional residence’ regime
- Employment
and contractor issues: employee vs independent contractor, deducting
expenses, reimbursement payments, provision of benefits including
accommodation, vehicles, car parks, discounted shares and interest
free loans, rewards points system, failure to deduct PAYE, payment
for humiliation and distress, contract retention payments, attribution
rule for personal services income, determining market salary,
income tax and GST on a damages settlement
- Successfully resolving numerous disputes with IRD , including overturning IRD’s attempt to double tax income under declared but later voluntarily disclosed (tax saving around $500,000)
- GST on proceeds of fundraising activities by a charity,
income tax and GST on grants to a non profit body
- Requirements of a tax invoice for GST purposes,
including ‘draft’ invoices
- Calculation of income/loss under FIF regime
- Deduction for expenditure on repairs and maintenance
and other future commitments
- Determining
whether purchase and sale of shares upon company reconstruction
is capital or revenue
- Deductibility
of fines, GST on mediated settlement, and related legal expenses,
legal expenses incurred in defending claims from liquidator.
- Gift
duty issues - gifts within 12 months, disclaiming a gift, testamentary
distributions direct to trusts; definition of spouse for LAQC
and other purposes
- Correcting
invalid, late or procedurally incorrect livestock elections;
deduction for expenses of converting sheep to dairy farming,
transfer of bloodstock from breeding to racing regime
- Tax
treatment of grants etc, tax status and distributions by a mutual
association, tax and GST on a fee for nominating another purchaser,
tax and GST on an insurance receipt; GST on transactions between
related parties; GST on non-refundable deposit
- Backdated
transfer of tax credits from a company to a shareholder, and
also from a trust to a company, in order to reduce IRD use of
money interest; correcting IRD errors in UOMI and imputation
calculations; advice on debt repayment programmes and remission
of unpaid tax.
- Negotiating
reduction in penalty for abusive tax position, unacceptable
tax position (and previously unacceptable interpretation), mitigation of penalties
generally including for victim of fraudulent activities of another
taxpayer
- Application
of time-bar to GST and income tax adjustments
- Various
tax issues arising on death and transmission of assets to related
parties
- Australian
and UK Capital Gains Tax, transfer pricing issues; GST on exported
goods and services, tax residence of individuals and companies,
income tax on royalty fees
- Analysis
of royalties and other contract payments to an Australian company,
and application of NRWT
- Tax
free income received from a diplomatic commission
- Acting as expert witness in a dispute between another advisor and their clients
- Managing
a formal tax dispute through to adjudication in client's favour
- Submissions to Finance and Expenditure Select
Committee
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