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Tag Archive for property

Tax Manager, Sales, Use, Property And Local Taxes (New Jersey/New York)

Responsibilities include the timely and accurate completion of filings and various tasks related to the Company’s corporate sales, use, property and miscellaneous tax compliance. The Tax Manager will interact with the in-house tax department, IT, accounting and finance teams, co-sourcing service providers, and government tax agencies in meeting tax compliance and tax audit requirements.

Tax Compliance:

  • Gather and prepare filings required for sales, use, property and miscellaneous tax compliance.

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Spring Cleaning? Can You Toss Those Tax Records?

Manasa Nadig

Ever stare at boxes and boxes of files in your garage or your basement and get an itch to clean up? Or are you the sort who pushes these boxes out of sight and is quite happy to let them be? Whichever personality best describes you, you will want to read this before you decide to throw those papers or cover them up with something fancy, call it art and make it a fixture in your basement!

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The Ins And Outs of Foreclosure (Part 1)

With the economy in the slump it has been for the last several years we are seeing more clients in financial straits. One of the most prevalent results of this economy is repossessions and foreclosures being on the rise. Over the next several days I will explain the ins and outs of this process and how it effects your income taxes.

Let’s start with some definitions:

Foreclosure:

A foreclosure is the legal process by which a lender deprives the debtor of the property that the loan is secured by. Foreclosure is most often seen in reference to a mortgage on real property. And when talking about foreclosures in this text, unless otherwise identified, you Read more

REITs – A South African perspective as an OTC investment option

iStock_ Africa Money and Flag XSmallReal Estate Investment Trusts or REITs is a well known internationally known appropriate business structure yet South Africa only adopted its tax law as of April 1st, 2013 and its stock exchange listed or publicly listed trading rules to accommodate REIT’s as of May 1st, 2013.

Since then many property groups not only converted to a listed REIT but also restructured their balance sheets to remove the debt linked to a unit or a share. Now, on September 6th, the first American Depositry Receipt (ADR) status was granted to a South African listed REIT. One ADR unit equals 10 REIT units on the Johannesburg Stock Exchange. Despite the ZA Rand being at a 3 week high, the more recent currency exchange is circa R10=1U$D.

Real Estate Investment Trusts (REIT)

REIT’s are tax transparent or tax through flow investment vehicles that invest in and derive their income from real estate properties and mortgage, without necessarily paying tax on their trade result. To qualify for the South African REIT dispensation, a the REIT (either a company or a trust) must be tax resident in South Africa and be listed as an REIT in terms of the JSE (Johannesburg Stock Exchange) listing requirements.

REIT profits are distributed as tax deductible expenses (effectively pre-tax income) which is then received and taxed in the investors’ hands as taxable dividend income. As of 1 January 2014 the SA dividend withholding tax at 15% or the treaty governed rate where the investor is resident in a treaty country, will apply to nonresident investors. Read more

Australian Government Seeks to Increase Capital Gains Tax on Expats and Foreigners

In the 2012 Australian Federal Budget, it was announced that the current 50% discount on Capital Gains Tax would be removed for Foreign Individuals.

This will impact the many thousands of Australian expatriates and foreign nationals that own property in Australia and may have a dire consequence on the construction industry if there is a contraction of buyer activity as a result of the higher Capital Gains tax cost.

We have prepared a submission to seek the Government to change its position on this and are asking for your support on this important issue.

If the changes come into effect, they will only apply to gains after the 8th may 2012.  Profits before the date will continue to enjoy the 50% discount on Capital Gains.

For more information connect with me at: Steve Douglas on TaxConnections