GST APP TAX REGULATIONS: WHAT YOU NEED TO KNOW

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GST app tax regulations: What you need to know! Commencing April 1, 2024, platforms offering ride-sharing, food delivery, and short-term accommodation services – “listed services” as per the legislation – will be mandated by law to levy GST on these services. These are platforms such as Airbnb, VRBO, Expedia, Uber and so on. This obligation…

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TAX ON AIRBNB INCOME NZ

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TAX ON AIRBNB INCOME NZ: Is my Airbnb income taxable? Is there tax on airbnb income in NZ? Yes. Income earned from providing short-stay accommodation is taxable

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CAN I CLAIM MY HOLIDAY AS A RENTAL EXPENSE?

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You have a rental property. Can you claim your holiday as an expense? If you spend time travelling as part of your business you can claim business travel as an expense. A good way to prove the business portion of your travel expenses is by keeping a diary of your travels.In addition to keeping invoices, receipts and tickets you should also keep details of:the date of the tripyour itinerarythe cost of car hire, and air, bus and taxi faresthe cost of accommodation, meals and incidentalsthe t […]

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GST & RENTAL PROPERTIES

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For GST-registered buyers, buying a property off a GST-registered seller means that the sale is zero-rated for GST i.e. none is paid by the seller and none claimed by the buyer.

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OFFSET LTC PROFITS OR LOSSES AGAINST OTHER RENTALS

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Note that you can’t offset any losses against income from other sources e.g. wages, like you used to in the good old days. That is what the concept of “ring-fencing of losses” means. The losses are “ring-fenced” so that they only apply to residential rental property.

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RING FENCING OF PROPERTY LOSSES

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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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