Tax/GST/LTC Expert
Tax/GST/LTC
Ask Mark Withers, director of Withers Tsang & Co questions relating to Tax and Asset Structures
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.
Rios Revi asks:
I'm about to inherit 1 residential (bought 5+ yrs ago, may be owned under their names) & 2 commercial properties (bought 5+ yrs ago & in 2021, under their LTC) from my retired parents.
I own a residential property (recently bought new build) and work.
I could sell their residential, buy another, then rent out my residential (or sell it).
I'd like guidance on how best to structure this for title transfers, bright-line test, & tax please. Eg. set up my own LTC and transfer everything to it?
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Interest deductibility on new builds
Ray & Althea Wilson asks:
Interest deductibility on new builds for 20 years with code of compliance certificate after March 27,2020 irrespective of who the owners are over that period .It applies to rental properties but is it claimable by everyone else including new home buyers ? That is how I read it but clarification of this point would help many facing the very high costs of buying a new home especially first home buyers
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Transfer properties from LTC to Family Trust
Ash Dixit asks:
Under current changes to the property if I transfer properties (got few) from LTC to Family Trust would the transferred property attract bright line test?
Also if changed shareholding of directors of LTC would brightline test apply to this scenario?
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