On the 20th December 2010 Parliament enacted the legislation repealing the LAQC Rules. New legislation has created a new tax entity called a Look Through Company which will be taxed in a similar way to Limited Partnerships. Old Qualifying Companies and LAQC will be in a position to elect to become Look Through Companies, or a different type of entity – Limited Partnership, Partnership or Sole Trader.

The Inland Revenue Dept report on the new Look Through Companie rules notes the legislation is different from the draft legislation that was released in November 2010.

Now is the time to take the advice of your Accountant as to the correct structure for your Property Investment Portfolio. Once established and implemented those with registered mortgages will need to speak with their Finance Broker or Bank to see what will be required to change any existing security registered  on the Title.

When the above has been sorted contact your Conveyancing Practitioner to arrange for the Transfer and Registration of any new Mortgages on the Title.

Now is the time to be proactive.

For more information contact Property Conveyancing Services Limited 0800 2 87878.

www.propertyconveyancingservices.com

Cheers Kim