Posts Tagged ‘law changes’
COVID-19 STRATEGIES FOR PROPERTY INVESTORS AND BUSINESSES
You might also want to look at a mortgage holiday. Be aware that this will increase the loan,^ but it will buy you some time, so in the big picture, may be worth it.
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 MoreLOAN/ MORTGAGE OPTIONS COVID-19
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.
Read MoreLOAN/ 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 […]
Read MoreTRUST LAW CHANGES NEW ZEALAND
Trustees will now have some mandatory duties to fulfill
Trustees must disclose certain information to all the beneficiaries – no more opacity!
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?
Read MoreTAX WORKING GROUP INTERIM REPORT – IMPACT ON PROPERTY INVESTORS
The Tax Working Group (TWG) has published its interim report. What will be the impact on property investors? Please see the PDF below for an executive summary, courtesy of Forsyth Barr. equity_strategy_2018-09-21_twg_looks_to_stretch_taxable_“income”.pdf Download File THE GIST OF IT Basically, the TWG wants to extend taxes on capital gains to things other than property. But, they…
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 MoreCHANGES TO FINANCIAL REPORTING REQUIREMENTS FOR SMES
ou might have heard of the Financial Reporting Act 2013 and the Financial Reporting (Amendments to Other Enactments) Act 2013. Maybe not. Anyway, changes which took effect on 1 April 2014 mean that entities that do not meet the large entity definition will no longer be required to prepare financial statements in accordance with NZ GAAP.
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