EPSOMTAX.COM
  • HOME
  • ABOUT
    • IN THE NEWS >
      • OWNERSHIP STRUCTURES
      • TURNING SKILLS INTO MONEY AND A BETTER LIFESTYLE
    • PARTNERS
    • SERVICES
    • TESTIMONIALS
    • WHY USE A PROPERTY ACCOUNTANT
  • FAQ
    • AML/CFT
    • ANTI-CORRUPTION
    • AUDIT SHIELD
    • DATA PRIVACY
    • FORMS
    • GETTING STARTED IN INVESTMENT PROPERTY
    • HOW TO CALCULATE RENTAL YIELD
    • INFO FOR NEW INVESTORS
    • INVOICES
    • NEW VS OLD VS LAND&BUILD
    • TAX RETURN FAQ
    • TAX POOLING
  • CONTACT
  • BLOG

WE'RE BLOGGING TODAY

Rental Investment Properties & LTCs – A Good Match?

5/5/2022

 
In this blast from the past (2013), Daniel Carney of Goodlife Financial Advice brings you this insightful interview with Garreth Collard, Principal at EpsomTax.com 

The topic in question is whether an LTC is the right ownership structure for your Residential Investment Property. We pick Garreth's brain to get to the heart of whether an LTC is right for you. A 'must see' for any investment property owners!

Topics Discussed are:
  • What is an LTC?
  • Who would benefit from setting up an LTC?
  • Partnership or LTC: which is better?
  • How do you set up an LTC?
  • How do you manage the LTC?
* From 1 April 2019, tax losses will no longer flow through from LTCs that are residential land rich.  Please see us or call for advice on how to get the best results from your portfolio, build wealth and minimise tax

WHAT BUSINESS EXPENSES ARE TAX-DEDUCTIBLE?

6/21/2020

 
What business expenses can you deduct in your income tax return? It depends on your business structure, but includes things such as:
  • ACC levies
  • accounting fees
  • bank charges
  • contractor costs
  • depreciation (wear and tear)
  • entertainment (be careful!)
  • home office expenses
  • lease or rental costs
  • legal fees
  • motor vehicle expenses e.g. WOF, registration, repairs, insurance, FBT
  • purchases (for business purposes e.g. stock, materials)
  • travel e.g. fuel, parking, business travel
  • stationery, printing and office costs
  • software e.g. Xero, MYOB
  • telephone and internet
This is not an exhaustive list, but you get the idea.  It's good to check out the resources here and if you are not sure if something can be claimed, or what percentage can be claimed, ask your accountant or contact us.

Sharpen Your Axe!

3/8/2017

0 Comments

 
What does this have to do with your tax? Well, we might have asked you to supply information, clarify a request etc etc. We know you're busy!  But we don't hear from you promptly. Instead, it drags on and on.

Frankly, that doesn't help you, us, anyone!

So, what we ask is this
1. stop for a moment,
2. send through the info,
3. get their tax refund sooner!

Moral: Stop and sharpen your axe. Work smarter, not harder!

    Is There Info You Need To Send To Us? Do It Now!

Submit
0 Comments

Rental Income - IRD Video

11/17/2014

0 Comments

 
If you're renting out any accommodation, like a house, or a room, you'll probably need to pay tax on that income. Find out what you need to do in this helpful wee vid from Inland Revenue
0 Comments

How Does Money Work?

10/12/2014

0 Comments

 
Check out this cutesy video from the Reserve Bank.  It's not bad.
0 Comments

How Do I Download Transactions From My Bank's Online Internet Banking?

5/29/2014

 
So, you need to download your loan transactions from your bank. How do you do it?

ANZ

With ANZ, you’re able to view or export up to 24 months transaction history for your Everyday and Savings accounts. You can also view or download up to 24 ANZ credit card statements online. This will allow you to add your transaction history to accounting software.
Picture
Click on the account you want, and firstly select the date range, e.g. 01/04/2015 to 31/03/2016
Picture
Next, select the type of file to download, e.g. CSV
Picture
Then click Export. Voila! You've downloaded the transactions. Simply repeat the process for each account. To download PDFs, go to "Select a File Format" and change to PDF, then click Export.

ASB

Click Search and Export. Then select the account. Next, select the From and To Dates. Then, change the export format to CSV using the drop-down arrow. Lastly, click Export and then send to us via email.
Picture

BNZ

Click the image below for a short explanation on what to do.
Picture

KIWIBANK

See the how-to guide below.

SOVEREIGN

Picture

WESTPAC

Old Westpac Banking
​
Firstly, login to Westpac Online Banking, and select the account whose transactions you wish to download.

You then need to change the date range. Make it from 1 April 2013 to 31 March 2014

Next, click "Download transactions". As per the picture below, a box will drop down.
Picture
Click "CSV dd/mm/yyyy"

Your transactions will automatically download. If you are using Internet Explorer, a box will pop up at the bottom of the screen.  Choose "Save As" and save the file to your Desktop. You can then email it to us.

​New Westpac Banking
Select the account you want to export from. Click Export Transactions, then choose the date range, then the format as shown, then export, and then email to us.

NZ HOME LOANS

NZ Home Loans say:

To download your transactions, "select the account you wish to get these transactions for, this will bring up all previous transactions. In the yellow box you can change the date range if needed and there is an option to export these. There are a couple of different export options which include what you need – CSV."

For help, call NZ Home Loans on 0800 332 837 or visit their website.

HELP?!

Need help?  Don't panic. Call us on 09 973 0706 or 0800 890 132

Other FAQs you might have:
RENTAL PROPERTY: WHAT RECORDS DO YOU NEED TO KEEP?
USING ACCOUNTANCYONLINE.CO.NZ/MY TAX QUESTIONNAIRE
HOW DO I DOWNLOAD TRANSACTIONS FROM MY BANK'S ONLINE INTERNET BANKING?
WHAT IS XERO.COM?
WHAT'S THE PROCESS FOR MY TAX RETURNS?
All logos reproduced here are subject to copyright and belong to their respective owners. EpsomTax.com does not claim association with or endorsement by any of the above entities.  

Introduction to Record Keeping for Business

5/19/2014

 
This post has been moved to here

Sham Trusts: Could Your Family Trust Be A Sham?

5/11/2014

0 Comments

 
In this, the third of three videos in the series, Garreth Collard, Principal of EpsomTax.com addresses APIA members on the Sham Trusts.  Learn about how your "family" trust might be a sham, what this could mean for you, and how to prevent (and fix) the situation!  The video is 12 minutes long, so make sure you're comfortable...
Click here for a copy of the handout being used at the presentation.  The other two videos in the series are:COMMON RENTAL OWNERSHIP STRUCTURES [VIDEO]
WHICH OWNERSHIP STRUCTURE SHOULD I USE FOR MY RENTAL PROPERTY? [VIDEO]

You might also be interested in:
COMMON MISCONCEPTIONS ABOUT FAMILY TRUSTS
FAMILY TRUST ACCOUNTING - WHAT DO I NEED TO DO?
RESIDENTIAL CARE SUBSIDY AND GIFTING
0 Comments

Which Ownership Structure Should I Use For My Rental Property? [VIDEO]

5/5/2014

 
If you've got 5 minutes, make yourself a hot cuppa and enjoy this video presentation by Garreth Collard, Principal of EpsomTax.com in which he addresses APIA members on the pros and cons of the most common Rental Ownership Structures. Click here for a copy of the handout being used at the presentation.  

Common Rental Ownership Structures [VIDEO]

4/26/2014

0 Comments

 
See this insightful 3-minute video presentation by Garreth Collard, Principal of EpsomTax.com in which he explains the nuts and bolts of the most common rental ownership structures to APIA members. Click here for a copy of the handout being used at the presentation.  
Disclosures: EpsomTax.com does not claim endorsement by APIA.  Garreth Collard was invited to speak to APIA members by APIA.  Garreth was not remunerated for this.

Note: Some partnership agreements do allow annual adjustments to distribution of losses/profits; check the wording of your agreement with your lawyer if you are not sure.
0 Comments
<<Previous

    Garreth Collard

    Accounting for your rental residential investment property; specialised property tax advice.  Buy me a coffee! 

    View my profile on LinkedIn

    Archives

    January 2023
    August 2022
    July 2022
    June 2022
    May 2022
    February 2022
    December 2021
    November 2021
    October 2021
    June 2021
    May 2021
    April 2021
    October 2020
    September 2020
    June 2020
    April 2020
    March 2020
    September 2019
    February 2019
    December 2018
    September 2018
    June 2018
    April 2018
    January 2018
    December 2017
    November 2017
    October 2017
    August 2017
    July 2017
    June 2017
    May 2017
    March 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    April 2016
    March 2016
    January 2016
    December 2015
    November 2015
    October 2015
    July 2015
    June 2015
    March 2015
    February 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012

    Categories

    All
    Accounting
    Airbnb
    Companies
    Compliance
    How To
    Investment Property
    Ltc
    Overseas
    Tax Planning
    Trusts
    Video

    RSS Feed

email  Ph +64 9-973-0706  NZ Toll-free 0800-890-132  Fax +64 28-255-08279
Complaints   Privacy Policy & Disclaimer   Unsubscribe   Refunds   English   español
Information provided on this website is not intended to provide an exhaustive or comprehensive statement of tax law, nor is necessarily accurate and therefore should not be used as a substitute for considered written advice. All information published is subject to our disclaimer, terms and conditions, code of ethics and data privacy policy. All prices quoted are in NZD and exclude GST unless otherwise stated. Please note that fixed price fees do not include the cost of responding to an IRD Audit or Risk Review; please see FAQ for more info.

​© Copyright EpsomTax.com Limited 2013-2017. All rights reserved. EpsomTax.com is a registered trademark of EpsomTax.com Limited. All other registered trademarks or trademarks referred to on this website are the property of their respective owners. Use of this website is governed by the laws of New Zealand.
eWAY Payment Gateway
  • HOME
  • ABOUT
    • IN THE NEWS >
      • OWNERSHIP STRUCTURES
      • TURNING SKILLS INTO MONEY AND A BETTER LIFESTYLE
    • PARTNERS
    • SERVICES
    • TESTIMONIALS
    • WHY USE A PROPERTY ACCOUNTANT
  • FAQ
    • AML/CFT
    • ANTI-CORRUPTION
    • AUDIT SHIELD
    • DATA PRIVACY
    • FORMS
    • GETTING STARTED IN INVESTMENT PROPERTY
    • HOW TO CALCULATE RENTAL YIELD
    • INFO FOR NEW INVESTORS
    • INVOICES
    • NEW VS OLD VS LAND&BUILD
    • TAX RETURN FAQ
    • TAX POOLING
  • CONTACT
  • BLOG