Investors in $2.2m row with IRD
Apartment investors who bought Queenstown units developed by Aucklander Tim Manning are caught up in a tax struggle, after Inland Revenue sent out notices last month demanding $2.2 million in unpaid GST.
Thursday, February 10th 2005, 5:50PM
by The Landlord
Sydney and Hong Kong investors were surprised to get tax demands and 15 owners have banded together, engaging New Plymouth lawyer Grant Shand to oppose them.But Shand said some had paid out immediately - about $30,000 each.
The 75-unit Greenstone Terrace at 716 Frankton Rd was developed by two subsidiaries of Manning's Taradale Properties, Greenstone Terrace and GT2.
Many Auckland Taradale developments are at the centre of leaky homes issues.
A third of the 153-unit Sacramento housing complex in Botany Downs in East Auckland is so rotten it must be bulldozed and rebuilt, according to the court claim lodged late last year by owners seeking $19.2 million from those involved in its design, development and construction.
Residents of the Taradale-developed 10-unit Ponsonby Gardens have been fighting for $1.2 million for repairs.
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