Posts Tagged ‘trickyquestions’
RESIDENTIAL PROPERTY TAX IN NEW ZEALAND: WHICH RULES APPLY (AND WHEN)?
Residential property tax in New Zealand: Which rules apply (and when)? That is the big question. If you own, rent, or occasionally use a residential property in New Zealand, your deductions and potential tax on sale depend on how you use the property in each income year. That sounds simple—until you confront overlapping frameworks like…
Read MoreTAX TRAPS IN NEW ZEALAND LAND TRANSACTIONS
Tax traps in New Zealand land transactions: is that a thing? Yes. New Zealand’s Inland Revenue Department (IRD) has significantly sharpened its tools for detecting taxable land transactions. With the integration of artificial intelligence (AI) into its systems, the IRD now has unprecedented capabilities to identify patterns, flag anomalies, and enforce tax compliance more rigorously…
Read MoreOFFSET LTC PROFITS OR LOSSES AGAINST OTHER RENTALS
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.
Read MoreNAVIGATING CRYPTO TAX IN NEW ZEALAND
Navigating Crypto Tax in New Zealand: Cryptocurrency has gone mainstream in New Zealand. Whether you’re trading Bitcoin, minting NFTs, or staking tokens, chances are you’ve wondered: Do I need to pay tax on this? The short answer is yes. The long answer? Well, let’s dive into it. This guide breaks down how crypto is taxed in…
Read MoreARE THE LOSSES FROM MY RENTAL IN NZ TAX-DEDUCTIBLE IN AUSTRALIA IF I’M WORKING THERE? PART 2
does the ATO allow losses from rental property in New Zealand owned by a New Zealand LTC to be offset against personal waged income earned in Australia?
Read MoreREPAIRS TO NEWLY ACQUIRED ASSETS: WHAT’S TAX DEDUCTIBLE?
Repairs to newly acquired assets: what’s tax deductible? When acquiring an asset – including rental property – it’s common to incur repair costs to bring it up to a usable standard. But can those costs be claimed? The Inland Revenue Department (IRD) has released updated guidance on the subject, including a “Question We’ve Been Asked”…
Read MoreINTEREST RATE CUTS NEW ZEALAND IN NEXT 6 MONTHS
Interest rate cuts in New Zealand in the next 6 months: are they likely? For homeowners and property investors in New Zealand, understanding the potential for interest rate changes is crucial, especially if you have a mortgage refix coming up soon. This blog will explore the factors influencing the likelihood of interest rate cuts within…
Read MoreGST APP TAX REGULATIONS: WHAT YOU NEED TO KNOW
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…
Read MoreTAX ON AIRBNB INCOME NZ
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
Read MoreCAN I CLAIM MY HOLIDAY AS A RENTAL EXPENSE?
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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