Look through company traps (LTC)

New Blog Post Boutique Financial Chartered Accountants AucklandIf you’re the proud new owner of a look-through company (LTC) then this advice is especially for you because we’re going to chat, in a down-to-earth way, about the super important stuff you need to know.  Hopefully you’re up to speed by now and realise that your look-though company is a little different from a normal company.  The key difference is of course that a look-through company has ‘special-powers’ which in theory let you use the company losses in your personal tax return to hopefully give you a tax refund.  However, it’s incredibly easy to lose those ‘special-powers’ and cease being an LTC so make sure you talk to us first if you’re thinking about doing any of the following: Continue reading Look through company traps (LTC)

The countdown’s begun – LAQCs & LTCs

Change your LAQC to an LTCThe countdown’s begun and we don’t mean to that Rugby thing.  You need to apply before 30 September 2011 if you want your loss attributing qualifying company to become an Look-through company.

If you don’t apply then the company will remain as a QC (Qualifying Company) but without the ability to attribute losses to shareholders. Alternatively, you may want to exit the QC regime and become a standard company or restructure the ownership of their business/assets so Continue reading The countdown’s begun – LAQCs & LTCs