Tax
THE REAL COST OF A RENTAL PROPERTY
WHAT’S THE REAL COST OF A RENTAL PROPERTY? Specifically, what’s the real cost of rental property compared to money in the bank or other investments? What what return will you get? They are both good questions. Let’s do some math: Let’s say you own a rental investment property that rents for $600 per week. That’s…
Read MoreUK PENSION TRANSFER TAX
So, you are looking at the question of your UK Pension transfer tax, and wondering how much it is? How much tax will you pay in NZ when you transfer your pension over from the UK or other countries? SUPERANNUATION TRANSFER TAX Have you transferred or are you thinking about transferring your foreign superannuation to…
Read MoreDEPRECIATION OF CHATTELS IN YOUR RENTAL INVESTMENT PROPERTY
DEPRECIATION OF CHATTELS IN YOUR RENTAL PROPERTY. Depreciation of Chattels: what is depreciable? what is not?
Read MoreDEPRECIATION AND CHATTELS: WHAT TO DO?
Depreciation and chattels: what to do? It’s one of the most common sources of confusion for rental property owners, and the questions tend to come up at very specific moments. For example: you’ve just settled on a property, when you’re about to renovate, or when you’re weighing up a sale or an ownership change. Below…
Read MoreGOVERNMENT RENTAL PROPERTY TAX CHANGES 2021
SUMMARY OF CHANGES Changes announced January 2021 by the government: Note that this law was very much “being made up as they go along” so at the time of announcement, lots of things were unknown, or not decided on. Subsequently, IRD have clarified most questions and rewritten some poorly-worded tax law. HOW DOES THIS AFFECT…
Read MoreHOW TO USE TAX POOLING
PAY YOUR INCOME TAX HOW AND WHEN IT SUITS YOU How to use tax pooling: Tax Management NZ (TMNZ) provides an IRD-approved service that gives small businesses greater flexibility to do tax on their terms by letting them choose how and when they make their income tax payments. UPCOMING PROVISIONAL TAX PAYMENTS Generally, you’ve got to pay…
Read MoreWHAT BUSINESS EXPENSES ARE TAX-DEDUCTIBLE?
What business expenses can you deduct in your income tax return? It depends on your business structure, but includes things such as:ACC leviesaccounting feesbank chargescontractor costsdepreciation (wear and tear)entertainment (be careful!)home office expenseslease or rental costslegal feesmotor vehicle expenses e.g. WOF, registration, repairs, insurance, FBTpurchases (for business purposes e.g. stock, materials)travel e.g. fuel, parking, business travelstationery, printing and office costs […]
Read MoreCOVID-19 BUSINESS & TAX SUPPORT
If you are unable to pay this tax on time because of the effect of COVID-19 on your business, IRD expect that you will pay this tax as soon as practicable. In such cases our recommendation is that you contact IRD now to let them know you can’t pay the tax on time and negotiate a payment plan.
Read MoreCAPITAL GAINS TAX: RENTAL PROPERTY EFFECTS & STRATEGIES
Capital Gains Tax rental property effects & strategies: What should or could you do? Here is a high-level overview: WHAT WILL BE TAXED? Everything except your grandma. No, not quite. All land except family home, shares, business assets and intangible property. Seems that cars, boats, jewellry, fine art, collectibles and other household durable items would…
Read MoreRING FENCING OF PROPERTY LOSSES
Ring fencing of property losses is here to stay. What will be the impact, and what strategies should you employ? How will it affect you? Will you still get a tax refund?
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