Owning a residential rental property can be a lucrative investment, providing a steady stream of income for property owners as well as long term capital growth. However, when it comes to tax considerations, the type of rental income—short-term or long-term—can [read more...]
The IRD has recently published an interpretation statement (IS 23/08) to provide guidance on how GST applies to different transactions between a unit title body corporate, its members, and third-party suppliers. A UTBC is a separate legal entity to [read more...]
If you own a rental property, it is important to understand what expenses are deductible to help lower your tax burden. Deductible expenses Generally, for an expense to be deductible, it needs to be incurred in generating the rental income [read more...]
Northern New Zealand has seen an absolute deluge recently which has caused terrible damage to roads, houses and even caused deaths. While people begin the clean up, those who use their property to earn a rental income might be wondering, [read more...]
A change to the rules around how GST applies to services in the platform economy, such as Airbnb and Uber, will likely come into effect on 1 April 2024 as part of the Taxation Annual Rates for 2022-23 Platform Economy [read more...]
Update June 2024: Note that the bright line rules changed for properties sold from 1 July 2024 and time under construction is now excluded from the calculation for determining whether a home is eligible for the main home exemption. [read more...]
Sometimes it is hard to answer a seemingly simple question. It is important to know the answer though as most New Zealand tax residents need to pay tax in NZ on income they have from any country in the world [read more...]
UPDATE June 2023: See below for interest limitation rules Are you one of the many thousands of New Zealanders who are generating income through short term rental accommodation platforms like Airbnb, bookabach and holidayhouses.co.nz? Whether you are renting a guest [read more...]
Repairs and maintenance can be a major cash outlay for an owner of a business or a rental property and hence the ability to claim an instant tax deduction can have a significant impact on the year end tax bill. [read more...]
Update 1 April 2024: the legislation below has been superseded and from 1 April 2024, investors will be allowed to claim 80% of their mortgage interest expenses, with a full reinstatement to 100% scheduled from 1 April 2025. More information [read more...]
