Don’t Miss The Boat \n \n \n The 2012 tax year began on 1 April 2011 for most taxpayers and with it new tax rules in relation depreciation on buildings and LAQCs finally came into force. We have written a number of times on the potential impact these rules may have on you if you have an existing LAQC and have long been encouraging our clients to make contact with us in order to have their circumstances reviewed so that appropriate action can be taken. \n \n If you have an LAQC and have not yet obtained advice in relation to the impact of the new rules on you it is not too late but time is running out. Contact us at GRA for a meeting immediately. \n \n By way of summary, the key changes are as follows: \n \n \n Tax losses of an LAQC can no longer be attributed to shareholders. This means i...
Tax Changes – Are you making a mistake with LTCs – Look Through Companies \n \n Many of our clients come to us because they are not getting advice or they are not satisfied with advice they are receiving from other accountants . In recent times the tax changes introduced by the National Government regarding property investors have created quite a stir and presented some challenges to investors in regard to making a decision as to whether to (a) convert their LAQC (Loss Attributing Qualifying Company) to a Look Through Company (LTC); (b) remain a QC (ie LAQC without ability to attribute losses); (c) revert to \"ordinary\" company status; or (d) migrate out of the company into individual ownership of the assets. \n \n As a practice we have found varying levels of advice from our peers. On occasion we have been somewhat disappointed for investors with the ...