Hi
One of the professional journals that I receive has a copy of a new questionnaire that the tax office are using for IP's within a trust.
They want to know:
A. Trust details as in trustee, type of trust and any changes within the last 5 years.
B. Rental Property Arrangements such as the address of the IP, date of acquisition, price, use of property (residential or commercial) the type of records maintained, and the name of the tenant amongst other things.
C. Lease Details such as whether or not there is a written lease and over what term that lease runs.
D. Borrowing including the amount of borrowing to buy the IP, who from, "did any other party advise or assist in obtaining finance"
At the moment this is just another information gathering exercise, but, from the looks of this it is not too hard to imagine just what they're looking for.
I can copy this entire questionnaire for anyone interested and please email me privately if you would like that copy.
Have fun
Dale
One of the professional journals that I receive has a copy of a new questionnaire that the tax office are using for IP's within a trust.
They want to know:
A. Trust details as in trustee, type of trust and any changes within the last 5 years.
B. Rental Property Arrangements such as the address of the IP, date of acquisition, price, use of property (residential or commercial) the type of records maintained, and the name of the tenant amongst other things.
C. Lease Details such as whether or not there is a written lease and over what term that lease runs.
D. Borrowing including the amount of borrowing to buy the IP, who from, "did any other party advise or assist in obtaining finance"
At the moment this is just another information gathering exercise, but, from the looks of this it is not too hard to imagine just what they're looking for.
I can copy this entire questionnaire for anyone interested and please email me privately if you would like that copy.
Have fun
Dale
