AirBnB – What You Should Know

June 26, 2018

Using AirBnB and similar platforms to rent a spare room, sleep out or holiday home has become increasingly popular and it’s important to understand the Income Tax and possible GST consequences that can arise from this type of activity. Any money you receive from renting your room or home will be income on which you will need to pay income tax. Of course you …

Bitcoin & Other Cryptocurrencies – How to Tax?

April 24, 2018

Inland Revenue has recently given an update on its thinking on how Bitcoin and other cryptocurrencies should be dealt with from a tax perspective. Inland Revenue considers cryptocurrencies as property, rather than currency or money. This means that the normal tax rules that apply to personal property also apply to cryptocurrency. A person that deals in cryptocurrency or acquires cryptocurrency with a purpose of …

Minimum Wage Increase

April 23, 2018

The adult minimum wage is going up from $15.75 an hour to $16.50, with the starting-out and training rates rising too. Here’s what you’ll need to know for your business. When: 1 April 2018 What: The new minimum wage rates are: Adult — $16.50 an hour Starting-out — $13.20 an hour (up from $12.60) Training — $13.20 an hour (up from $12.60) Starting-out and training minimum …

Extension To The Bright-Line Test

From 29 March 2018 the bright-line test for residential property has been extended from 2-years to 5-years. This means any Capital Gains on the sale of your Rental Property (there is a main-home exemption) will be taxed if you buy and sell within a 5 year timeframe. The extended bright-line test only applies to properties for which an agreement to purchase the property was …

Compulsory Rental Property Insulation – Deductible or Not?

April 13, 2018

With the governments new legislation hitting in 2019 for landlords to insulate their rentals – questions have been asked whether this will be tax deductible or not. Unfortunately even though the government is forcing this rule – it doesn’t automatically translate into a tax deduction with IRD. The NZ Property Investors Federation approached Inland Revenue about this issue and this was their reply: The …