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Check here regularly for all the latest tax information and news

Do I Have To Return My Overseas Rental In My NZ Tax Return?

January 31, 2018

When you are a NZ tax resident you are required to declare your worldwide income in your NZ tax return which includes your overseas investment property. The way it works is that the costs are deducted off the rental income – if the costs are higher than the income a loss occurs – this loss can be offset against your NZ earnings which can …

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Living Outside of NZ But Have a Rental Property Here?

IRD are paying close attention to the residency status of individuals who have left New Zealand but still have a dwelling here which they could live in. A recent court case saw IRD win and were able to determine a client was a tax resident of NZ even though the taxpayer had been out of NZ for several years! This means that the taxpayer …

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Have a Family Member Living in Your Rental Property?

If you have a family member or associated party living in your rental property, there are different tax rules that apply to this situation. Based on the arrangement you have with them, the following rules apply. If you’re not charging them any rent – you don’t need to declare this rental property in your income tax return and you can’t claim any costs. If …

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Business Tax Types & What They Mean

Here is a brief description of the types of tax that you are likely to come across in business: GST – Goods and Services Tax – this is chargeable by businesses whose annual sales turnover is over $60,000 per year. It means that the seller needs to add +15% onto their sale price – this 15% is then returned to Inland Revenue on a …

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Thinking of Turning Your Home Into a Rental Property?

There are a few things to consider before you jump in and make this happen. Ownership structure, tax implications and debt allocation are the main factors – if you don’t get these right from the start they can affect you negatively for several years, you could end up paying extra income tax when really there is no need to! By talking with us first, …

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