FREQUENTLY ASKED QUESTIONS

Enter key terms that you are searching for in the Search Box below to find relevant articles, e.g., LTC, trust etc.

COMPLIANCE

Q: What records do I need to keep for my rental property?
A: See this blog article

Q: What are the compliance requirements for an LTC?
A: See this article and this one

Q: I can't understand my Financial Statements!
A: Fear not. We explain them in simple terms here

Q: I heard that there are some changes to reporting standards for small companies. How will this affect me?
A: Read all about it right here

Q: How do I complete the online tax questionnaire?
A: Please see this article

Q: What expenses can I claim?
A: See this video, produced by Inland Revenue.

Q: What is a Solvency Resolution?
A: See here (includes sample resolution)

TAX

Q: How do I complete the online tax questionnaire?
A: Please see this article

Q: I have some questions about the financial statements.
A: Your question might be here or here

Q: I have some questions about my personal tax return.
A: See our growing list of questions here

Q: What's the process for getting my tax returns done?
A: We explain it here

Q: How does GST work on rental residential properties?
A: See our explanation

Q: Does an LTC have to pay FBT?
A: Sometimes. Read about LTCs and company cars here

Q: Are the losses from my rental property in NZ deductible overseas?
A: It depends on where you are living and working.  See these articles for the rules in Australia, Malaysia, Singapore, Thailand and UK

Q: Am I tax-resident?
A: See our helpful article on this subject

Q: Can I claim my insurance on my tax return?
A: Maybe. See this article... and this one

Q: If the developer goes bust what costs can I claim?
A: See our lengthy answer here

Q: What's the gas with tax pooling?
A. Please see this blog article

​Q: Where is the downloadable tax questionnaire checklist?
​A: Goto this page, and scroll to the bottom.

VIDEOS

Q: What is depreciation?
A: Short answer. Long answer

Q: What's the difference between negative and positive gearing?
A: The answer in 30 seconds

Q: How does negative gearing work?
A: See our very short video on the subject

Q: Is an LTC is the right ownership structure for your Residential Investment Property?
A: Watch this interview in which the pros and cons are discussed

Q: Have IRD published any videos on rental income?
A: Sure have. Watch this

Q: What factors do I need to consider when buying investment property?
A: In this video watch the four absolutely essential characteristics of investment property that you must get right when looking to buy: Growth, Income, Tax Effectiveness, and Affordability

Q: Should I have all rental properties or should I diversify my portfolio?
A: Don't put all your eggs in one basket!  See this interview

Q: How can I ensure I've got enough to live on when I'm retired?
A: Watch this short presentation on How to Escape the Poverty Cycle

Q: Have you got something that compares the most common structures for owning rental property?  Y'know, pros and cons?
A: Yes! Watch this

Q: Do you have any videos on trusts?
A: Common Rental Ownership Structures, Could Your Family Trust Be A Sham?, and Which Ownership Structure Should I Use For My Rental Property?

Q: What expenses can I claim?
A: See this video, produced by Inland Revenue

OTHER

Q: How do I choose a good property manager?
A: Caveat emptor!  Read this

Q: Can I claim my insurance as a tax-deductible expense?
A: Maybe. See this article

Q: How do I download loan transactions from my bank?
A: See here

Q: Do you know anywhere that I can get cheap legal forms?
A: Try this website. If you want something customised from a lawyer, we recommend Prudentia Law or Haigh Lyon

Q: Can you recommend any professionals in Australia?
A: Yes, Peter Green Accountants and K2Law.

Q: Where can I go to check if a company is insolvent?
A: Try Insolvency Watch

Q: What about a good receipt-scanning program or service?
A: Try Receipt Bank

Q: Do you have any information on risk?
A: Yes, see here for a free Risk Profile tool

Q: Do your fees include support if I get audited/a risk review?
A: No. Our fees cover pretty much everything except that. For this reason, we recommend Audit Shield insurance.

Q: Is there anywhere you know of that I can get some more information/upskill myself on accounting?
A: Sure, try Coursera, Alison and Accounting Degrees Online

Structures incl. lTC's

Q: What's the best way to structure our mortgages?
A: We have 6 suggestions for you.
Q: What is an LTC?
A: Watch our short video on the subject

Q: How do you setup an LTC?
A: See our three-step guide here

Q: Should I use a trust or an LTC to own my rental property?
A: Read our opinion here. See also Which Ownership Structure Should I Use For My Rental Property?

Q: Are LTCs the best option for owning rental property?
A: Watch our short video on the subject

Q: What about using a partnership to own my rental?
A: Here's what we think

Q: What's the difference between an LAQC, a QC and an LTC?
A: Get yourself a coffee, and have a read of this article

Q: Have you got something which compares Trusts, LTCs, Companies and Partnerships for property ownership?
A: Sure have. Served with pleasure here [chart]

Q: If I sell the family home to an LTC, is the interest tax-deductible?
A: Yes, under certain circumstances.  Read more here

Q: Does an LTC have to pay FBT?
A: Sometimes. Read about LTCs and company cars here

Q: Can my LTC pay for my overseas holiday?
A: Not exactly. See here for more info

Q: What are the compliance requirements for an LTC?
A: See this article and this one

Q: Are the losses from my rental property in NZ deductible overseas?
A: It depends on where you are living and working.  See these articles for the rules in Australia, Malaysia, Singapore and UK

TRUSTS

Q: Do you do gifting?
A: No, you need to see a lawyer for that. Please see our Partners page for some suggestions.

Q: Can you explain to me simply the basic concepts of family trusts?
A: Yes!  See this article

Q: What about trusts and Residential Care Subsidies?
A: Read our blog about a recent Court of Appeal decision here and how you may have inadvertently gifted excessively

Q: I've got a family trust now. Do I need to do anything else?
A: Yes!  See this article which explains the whys and hows in plain-speak

Q: My lawyer takes care of the trust, and it only owns the family home, so I don't need to do anything
A: Woh there, not so fast! Find out here why that is sooo wrong, along with other common misconceptions about trusts

Q: Do you have any videos on trusts?
A: Common Rental Ownership Structures, Could Your Family Trust Be A Sham?, and Which Ownership Structure Should I Use For My Rental Property?

CHATTELS & DEPRECIATION

Q: Do you have any FAQs for depreciation?
A: Sure do! See here.

Q: "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]
A: See this article

Q: What's the point of getting a chattels valuation?  Is it really necessary and/or worth the money?
A: Definitely! See here

Q: What's depreciable and what isn't?
A: See this handy three-step guide

SOFTWARE

Q: What is Xero?
A: We explain here... with pictures too!

Q: How do I complete the online tax questionnaire?
A: Please see this article

Q: How do I download loan transactions from my bank?
A: See here

Q: Should I use Xero, MYOB, Quicken, Saasu..?
A: There's quite a good article here which compares three of these.

OVERSEAS

Q: I have an overseas pension. How do I transfer the money over to NZ?
A: Read about what you should do, why and when here

Q: Are the losses from my rental property in NZ deductible overseas?
A: It depends on where you are living and working.  See these articles for the rules in Australia, Malaysia, Singapore and UK

Q: Am I tax-resident?
A: See our helpful article on this subject

FAQs re EpsomTax.com

Q: What is your postal and/or physical address?
A: Please go to our Contact page

Q: What are your opening hours?
A: Please see our Contact page
Q: Do you have a newsletter?
A: Yes we send out the odd email here and there. Click here to subscribe.

Q: Can I pay you online?
A: Yes. Go to our Contact page for credit card and Paypal links

Q: How do I make a complaint?
A: Please click here for our Complaints Process 

Q: Do you receive any sort of commission, bonus or kickback for referring us to other professionals? Do you pay others to get referrals?
A: No. We have never received any kind of kickback, bonus or commission from any organisations or entities at any time. In addition, we do not pay commissions or the like for referrals from other organisations 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.

Forms, LinkS & Fine Print