FAQ - EPSOMTAX.COM - Property Accountants, Auckland

Compliance

What records do I need to keep for my rental property?

See this blog article

What are the compliance requirements for an LTC?

I can't understand my Financial Statements!

I heard that there are some changes to reporting standards for small companies. How will this affect me?

What expenses can I claim?

What is a Solvency Resolution?

Have you got a vehicle logbook I can use?

Where is your Do Not Sell link?

Tax

Why does the address on my tax assessment say Howick? I've never lived in Howick!

That's our IRD tax agency mailing address

How do I complete the online tax questionnaire?

I have some questions about the financial statements.

I have some questions about my personal tax return.

What's the process for getting my tax returns done?

How does GST work on rental residential properties?

Does an LTC have to pay FBT?

How do I know if I am tax-resident in New Zealand?

Can I claim my insurance on my tax return?

If the developer goes bust what costs can I claim?

How does tax pooling work?

Where can I find the GST Questionnaire?

Videos

What is depreciation?

No videos sorry but see this article

What's the difference between negative and positive gearing?

How does negative gearing work?

Is an LTC is the right ownership structure for your Residential Investment Property?

Have IRD published any videos on rental income?

What factors do I need to consider when buying investment property?

Should I have all rental properties or should I diversify my portfolio?

How can I ensure I've got enough to live on when I'm retired?

Have you got something that compares the most common structures for owning rental property? Y'know, pros and cons?

Do you have any videos on trusts?

What expenses can I claim?

Other

How do I choose a good property manager?

Caveat emptor! Read this

Can I claim my insurance as a tax-deductible expense?

How do I download loan transactions from my bank?

Do you know anywhere that I can get cheap legal forms?

Can you recommend any professionals in Australia?

Where can I go to check if a company is insolvent?

What about a good receipt-scanning program or service?

Do you have any information on risk?

I pay fixed fee annual accounts. If I get audited, or the IRD does a Risk Review, is that included?

Is there anywhere you know of that I can get some more information/upskill myself on accounting?

Has there ever been any security breach?

Yes, one that we know of. See this link. Weebly (who host all of our websites) contacted all affected subscribers last year. However, we don't believe that our website was affected as we were not notified for any of the dozen or more sites we used. Furthermore, Weebly stated this in their press release: "Weebly recently became aware that an unauthorized party obtained email addresses and/or usernames, IP addresses and encrypted (bcrypt hashed) passwords for a large number of customers. At this point we do not have evidence of any customer website being improperly accessed."

Structures Incl. LTCS

What's the best way to structure our mortgages?

We have 6 suggestions for you.

What is an LTC?

How do you setup an LTC?

Should I use a trust or an LTC to own my rental property?

Are LTCs the best option for owning rental property?

What about using a partnership to own my rental?

What's the difference between an LAQC, a QC and an LTC?

Have you got something which compares Trusts, LTCs, Companies and Partnerships for property ownership?

If I sell the family home to an LTC, is the interest tax-deductible?

Can my LTC pay for my overseas holiday?

What are the compliance requirements for an LTC?

Are the losses from my rental property in NZ deductible overseas?

Trusts

Do you do gifting?

No, you need to see a lawyer for that. Please see our Partners page

Can you explain to me simply the basic concepts of family trusts?

What about trusts and Residential Care Subsidies?

I've got a family trust now. Do I need to do anything else?

My lawyer takes care of the trust, and it only owns the family home, so I don't need to do anything

Do you have any videos on trusts?

Chattels & Depreciation

Do you have any FAQs for depreciation?

Sure do! See here.

"I have just heard from a friend that had sold their rental property that they are being asked by Inland Revenue about depreciation recovery and being charged thousands? What is the story with this? I was not aware about if you sold having to pay this back?" [Actual customer question]

What's the point of getting a chattels valuation? Is it really necessary and/or worth the money?

What's depreciable and what isn't?

Software

What is Xero?

We explain here... with pictures too!

How do I complete the online tax questionnaire?

How do I download loan transactions from my bank?

Should I use Xero, MYOB, Quicken..?

Overseas

I have an overseas pension. How do I transfer the money over to NZ?

Read about what you should do, why and when here

Are the losses from my rental property in NZ deductible overseas?

Am I NZ tax-resident? How would I know if I am?

RE EPSOMTAX.COM

What is your postal and/or physical address?

Please go to our Contact page

What are your opening hours?

Do you have a newsletter?

Can I pay you online?

How do I make a complaint?

Disclaimer? Privacy Policy? Refund Policy??

What languages are spoken by staff at EpsomTax.com?

Do you use overseas outsourcing?

Yes, some of our work is done by accounting companies and people based overseas. We have worked with all of them for several years, put a lot of time into training our systems, and established a good rapport. So we feel confident that the results generally meet standards. Of course, there are mistakes from time to time, but we have local reviewers who check the work to catch these, and due to human imperfection, mistakes will happen in any company.

Do you receive any sort of commission, bonus or kickback for referring us to other professionals? Do you pay others to get referrals?

No. We have never received any kind of kickback, bonus, or commission from any organizations or entities at any time. In addition, we do not pay commissions or the like for referrals from other organizations or entities. Such practices are against our company policy. This is because we feel that if we participated in arrangements of this sort we would lose our independence and our integrity could be compromised.

Do you ever make mistakes?

Frequently Asked Questions

Compliance

Tax

Videos

Other

Structures Incl. LTCS

Trusts

Chattels & Depreciation

Software

Overseas

RE EPSOMTAX.COM

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