TITLE

Death, your forest and taxes

AUTHOR(S)
Downs, Murray
PUB. DATE
February 2006
SOURCE
New Zealand Tree Grower;Feb2006, Vol. 27 Issue 1, p32
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article gives advice on estate planning issues facing forest owners in New Zealand. According to the Inland Revenue Department, one forest had to pay tax and good & services tax twice when the owner dies. These have been one of the motivating reasons for several foresters to be advised to use a loss attributing qualifying company to own their forest. Under such an arrangement, when one die, there is no tax on the trees, as the company continues to exist and to own the forest. There is less impetus to use a loss attributing qualifying company in the future is one have a small forest, such as labour intensive special purpose species block. One must have relatives and one should check that the will provides specifically that the share of the forest goes to relatives.
ACCESSION #
20252353

 

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