Question & Answer

We have a client supplying financial services – mortgage broking.

Can you please advice on the deductibility by a small company on: Income protection insurance for the main shareholder

What is the tax situation where in a close company the company pays the boarding school fees for a child of a shareholder-employee?

A Trust has cash funds in an overseas (UK) bank account , with a balance in cash funds still held at 31/3/07.On the conversion of the bank balance to NZ$ at end of the year, an exchange loss is calculated. Are the exchange losses (gains) claimable in the tax return of the Trust. Would the result be different for an individual

I have a client where 4 family members owned a rental property LAQC each with a 25% interest. Their original intention was to hold as a long term investment. The property has subsequently been sold to one of the four shareholders and her partner jointly at market value.
Is the gain for the company tax free capital gain or is this a related party gain and subject to tax?

What is the tax situation where in a close company the company pays the boarding school fees for a child of a shareholder-employee?

Can you please advice on the deductibility by a small company on: Income protection insurance for the main shareholder

We have a company that has 2 shareholders 50% each. They are not a qualifying company or a loss attributing qualifying company. The company has tax losses to carry forward to 31/3/07. My question is if one shareholder buys out the other now and so will own 100% of the shares, does the company lose its tax losses due to the change in shareholding?