Posted 3/03/2011 Updated 3/03/2011 Tags: Depreciation Rental Property Tax Refunds Tax Returns  

From the 1 April 2011 financial year and onwards, there is no longer the ability to claim depreciation on buildings with an estimated useful life of 50 years or more. However chattels (for example stoves, carpets,... more

Posted 3/03/2011 Updated 27/07/2011 Tags: Income Tax LAQC LTC Rental Property Structures  

From the 1 April 2011 LAQC's (Loss Attributing Qualifying Companies) will cease to exist as we know them today. Inland Revenue are giving these companies the option of changing into another "style" of company or even... more

Posted 13/09/2010 Updated 20/09/2010 Tags: FBT GST Income Tax Inland Revenue PAYE Rental Property Weblinks  

Here's a list of helpful links to articles and resources for the upcoming 1 October 2010 tax changes. This was originally a news item and have copied it to the InfoBase for easier access. In General Kiwitax - 1... more

Posted 5/01/2009 Updated 2/02/2011 Tags: Claimable Expenses LAQC Rental Property  

Important: from 1 April 2011 LAQCs will cease and a transition to alternative registrations and / or structures will need to happen. Question: What tax benefit (if any) there will be if I sold my rental property (which... more

Posted 21/10/2008 Updated 5/06/2009 Tags: Income Tax Overseas Income Rental Property Tax Compliance Tax Returns  

When you are a NZ tax resident you are required to declare your worldwide income in your NZ tax return which includes your overseas investment property. The way it works is that the costs are deducted off the rental in... more

Posted 17/10/2008 Updated 24/03/2011 Tags: GST Rental Property  

No. Residential rental properties are exempt from GST. You cannot charge or claim GST for the supply of residential rental accommodation, therefore there is no GST implications for this type of activity. This means... more

Posted 17/10/2008 Updated 3/03/2011 Tags: Rental Property Structures  

Privately Owned To privately own your rental property basically is when you go out and purchase and own it under your own name. All rents received and expenses are declared in your personal tax return. There's no... more

Posted 7/10/2008 Updated 24/03/2011 Tags: Business Claimable Expenses Income Tax Rental Property  

You are allowed to claim a proportion of your home costs for running your business from home. The percentage claimable is worked out based on the area of your office divided by the area of your home - for example say... more

Posted 7/10/2008 Updated 24/03/2011 Tags: Claimable Expenses Rental Property  

If you pay costs to advertise the sale of your rental property, these are not claimable as a cost but will come off the sale price once the property is sold. This is the same for commission paid to an agent when... more

Posted 6/10/2008 Updated 2/02/2011 Tags: Income Tax LAQC Rental Property  

Important: from 1 April 2011 LAQCs will cease and a transition to alternative registrations and / or structures will need to happen. An LAQC is a normal limited liability company registered with IRD as a loss... more

Posted 6/10/2008 Tags: Depreciation Income Tax Rental Property  

Depreciation is the devaluation of your rental property building at a small percentage per year – this becomes a cost like rates, interest etc and makes your overall loss bigger – which equals better tax refunds. When yo... more

Posted 6/10/2008 Tags: Claimable Expenses Income Tax Rental Property  

You are only allowed a deduction for repairs and maintenance where the expenditure is required to maintain an asset in the condition it was initially acquired. If you add something extra to the house – this is likely to... more

Posted 6/10/2008 Updated 3/03/2011 Tags: Income Tax LAQC Rental Property Shareholders  

Important: from 1 April 2011 LAQCs will cease and a transition to alternative registrations and / or structures will need to happen. Here's one to keep in mind for Loss Attributing Qualifying Company owners. If for... more