LAQCs - Leaky Building Claim

Change in tax status of Loss Attributing Qualifying Companies (LAQCs).

As a result of the tax changes introduced by the Government, owners may be considering the transfer of their property to a new entity, such as a trust, partnership or shareholder, or they may elect to keep the ownership of the property in the same entity (the company) and become a QC or change its tax status to a look through company (LTC).

Transferring a property to a new entity could result in inability to continue a leaky building claim.

Seek advice before transferring a property to another entity.