Are you considering selling any large assets? Maybe a property, a piece of land, or a business or personal asset? Before you do, we urge you to call us first.
As you may already know, the New Zealand government has introduced the brightline test, which taxes any gains from the sale of residential properties sold within a certain timeframe. Unfortunately, some clients have been left with huge tax bills from this test when selling houses. And to make matters worse, some of these people were unable to shift their properties into other holding entities without facing even larger tax bills.
Additionally, some clients have sold vehicle assets because they were struggling with cash flow, only to find out that they owed more money on that specific asset than they received from the sale. This caused them to lose the asset under value and have to find cash to clear the debts.
We understand that busy business owners can easily lose track of the details, and that’s where we come in. Our team has the professional know-how to help you avoid these costly mistakes. By calling us before you sell any large items, we can provide you with quick and easy answers about tax laws that may save you a fortune in the long run.
If the situation requires a deeper dive, we may charge a small fee. But this could ultimately save you tens of thousands of dollars! So, before you make any moves, give us a call. We are capable, supporting, and caring, and we are here to help you navigate the complexities of tax laws.
Remember, a quick call could save you a fortune. Don’t hesitate to contact us today.