InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

New Rules for Vehicle Mileage Claims

August 21, 2018

Inland Revenue have announced the new method for claiming mileage. The new method uses a 2-tier system and requires knowing how many total kilometres the vehicle has travelled in a year. So it’s super important now for you to record the odometer reading as at 31 March each year or if you buy or sell a vehicle used for business. The new rate of 76 cents per …

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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 …

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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 …

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Repairs On a Rental Property – Are They An Expense or Improvement?

January 31, 2018

You are only allowed a deduction for repairs and maintenance where the expenditure is required to maintain an asset in the condition it was initially acquired. If you add something extra to the house – this is likely to be an improvement and claimable for depreciation only. Please note however, that buildings with a life span of over 50 years are not depreciable for …

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Advertising / Commission Costs When Selling a Rental Property

If you pay costs to advertise the sale of your rental property, these are not claimable as a cost but will come off the sale price once the property is sold. This is the same for commission paid to an agent when selling the property – it will reduce the sale price.

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