26 Jul Auckland law firm, Quay Law’s legal tip of the week: LAQC’s and tax changes.
The recent budget has delivered the biggest tax changes in New Zealand in the past 25 years, affecting taxpayers across the board and especially those with property assets in LAQC (loss attributing qualifying company) structures.
There is no doubt that treating LAQC’s as “flow through” entities, taxed under a similar regime to limited partnerships, will have a significant impact on all LAQC’s whether they are used for property investment or not.
I recommend that if you have an LAQC, you should consult with your professional advisor sooner rather than later in order to put appropriate strategies in place.
Auckland lawyer, Quay Law (New Zealand)