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Many people dream of buying a business and turning a small idea into a big success. The attractions are in making large profits, being your own boss, making your own decisions and employing other people to do your work and having time to think of other small ideas to grow… Buying an existing business gives you a kick-start in premises, plant, machinery, staff, plus brands, goodwill, marketing, databases – all assets that are attractive to a prospective buyer.

Former restaurant owner gets home detention for false income reporting

“A former Wellington restaurant owner has been sentenced to five months home detention and 200 hours of community work for filing false Income Tax and GST returns and evading tax.

Darrell Earl Antonopoulos plead guilty to three charges of aiding or abetting his company, Whonere Holdings Limited, trading as La Casa Pasta restaurant, to provide false Income Tax returns and 24 charges of providing false GST returns to Inland Revenue with the intention of evading tax. Mr Antonopoulos was charged under the Tax Administration Act.

Today the new tax changes come in for those of us still left in the rental property market. It’s the start of a new financial year and it doesn’t feel so new anymore. We are all in the throes of electing to change to LTCs, we know about the depreciation changes and we know that our rental property losses won’t have such an effect on our tax this year – but what about this year? What is going to happen to the rental property market, particularly in Auckland where one of the biggest shows in town is going to arrive in a few months time?

The Tax Changes – are they making you worried about your future losses or is it back to fundamentals in property investment.

I would say that very few people enter the world of property investment thinking foremost about the way that they will benefit from being able to depreciate assets and thereby gain an annual tax rebate.