Genesis

Hi, we lost about $80k capital (not lost interest..all capital) courtesy of Hanover Finance's wonderous, magical investment plans. My question is can we like those who take a loss each year on their NZ rentals and claim it back as a tax credit? I would have thought so. Alas this year my earnings are not much due to all the crap interest rates et al so I will not have much to write off against tax anyways..but it would be nice if I was able to claim a wee bit back as a result of this loss. The loss is based on what I was owed by Hanover and what I got selling the Allied Farmers 'shares for equity' that we all got lumbered with.

Also I got about 700gbp from that British Telecom off shoot thing 'O2'..one imagines I will have to declare this as 'income'..can anyone confirm?

Thanks in advance for any replies.

pricklykina

Recommend posting on trade me...may be in the real estate section of the boards as they have some pretty financially savvy people on there. Not that there aren't here but there are people with a heap of experience in NZ sector

lapsed kiwi

I'm no expert but I think you have to form a loss-attributing qualifying company (LAQC) in advance in order to offset a loss.
You should declare the UK income according to tax law, I think

Hokey-pokey

Im probably stating the obvious, but why not make an appointment to see a financial advisor/ accountant ? Our advisor has really helped us to invest wisely and aided us in dealing with the IRD as well as sorting out other financial issues.

It may well cost you a couple of hundred bucks to see a professional but an honest advisor will save you money and loads of stress. Taking financial advice from well intentioned people on the internet would be a wee bit too iffy for me !

Ask your wife to make enquiries about advisors from colleagues at work. Word of mouth is the best way to find someone decent.