Posts Tagged ‘investors’
RENTAL PROPERTY: WHAT RECORDS DO YOU NEED TO KEEP?
What records do you need to keep for your rental* property? Here is a general guide. Note that this list assumes you are using a property manager. All costs are for the 12 months preceding 31 March:RENTAL PROPERTY Copy of Sale & Purchase Agreement (if 1st year)Total Rent ReceivedInsurances, e.g. Landlord Protection, Mortgage Protection, HouseLegal feesProperty Management fees (if applicable)Rates – water and CouncilMaintenance, including any purchases e.g. heat-pumpRubbis […]
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 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?
Read MoreRING-FENCING RENTAL PROPERTY LOSSES: PART 2
There are various rules (outlined above) which limit what you can claim from these kind of assets, and you have to be careful if you think your gross annual income will be more than 60k (GST registration)…
Read MoreCRYPTOCURRENCIES: IRD TAX TREATMENT; FRAUD WARNINGS
We believe that if you hold (or “hodl”) crypto and stake it in order to earn crypto-rewards (usually more crypto), then the crypto itself functions much like a term deposit.
Read MoreRING-FENCING RENTAL PROPERTY LOSSES: PART 1
RING-FENCING RENTAL PROPERTY LOSSES: PART 1. IRD released a proposal to ring-fence rental property losses. What does that mean for you?
Read MoreWHY YOU SHOULD (ALMOST) ALWAYS GET CHATTELS VALUED
Why is a chattels valuation necessary? Why you should always get chattels valued: In exploring the necessity of a chattels valuation, it’s crucial to delve into the intricacies of property assessment and taxation. While standard valuations typically assign a modest value to chattels, often ranging from $10,000 to $15,000, they frequently overlook numerous depreciable items…
Read MoreWHO NEEDS A FINANCIAL ADVISOR?
Who needs a Financial Advisor?* Do you? Well, you might be thinking “I need a lawyer… and an accountant. But do I need a Financial Adviser?” Like many people (most, in fact) you probably feel that a Financial Adviser is a bit of an optional extra. We strongly feel that this is not sound thinking.…
Read MoreDEPRECIATION CLAWBACK AND YOUR RENTAL PROPERTY
When a property is sold, ideally you should get a proper valuation done (see here for more info). Work out the difference between their current value and their book value and that will give you the figure that is either clawed back or deducted
Read MoreSHOULD YOU FORM AN LTC TO OWN YOUR RENTAL INVESTMENT PROPERTY?
However, this legal vehicle does allow you to proportion losses (and income) according to the amount of shareholding that each shareholder has.
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