GOVERNMENT 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…

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RESIDENTIAL TENANCIES LAW CHANGES EFFECT ON LANDLORDS

The Residential Tenancies laws have changed. What effect does the “Healthy Homes Act” have on landlords? The Residential Tenancies Amendment Act will take effect in three main stages: Phase 1: Law changes from 12 August 2020 Transitional and emergency housing: Accommodation provided for these purposes, which is funded by the government or part of a special needs grants…

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COVID-19 BUSINESS & TAX SUPPORT

Income Tax

​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. 

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LOAN/ MORTGAGE OPTIONS COVID-19

stress

It’s not really a “holiday”, but rather a “payment deferral.” How does it work? While you don’t have to make payments during the mortgage holiday, you still get charged interest. What’s that going to cost? Well, it could be significant.

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LOAN/ MORTGAGE OPTIONS COVID-19

What are your options for managing your loan or mortgage during the COVID-19 outbreak?​ RESTRUCTURE / renegotiate Depending on when you last fixed your loans, you may be able to get a lower rate now.  Look into what the bank’s break fee would be (break fees are deductible on rental properties); chat to your mortgage advisor if the bank isn’t playing ball.  Or if they are being greedy at a difficult time.You might also be able to push the loan term out e.g. from 25 years to 30 y […]

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CAPITAL GAINS TAX: RENTAL PROPERTY EFFECTS; STRATEGIES

Capital Gains Tax (if it happens): what will be the effects on rental properties? What strategies could be employed to minimise tax effects? 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,…

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