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 …
Read moreExtension To The Bright-Line Test
April 23, 2018
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 …
Read moreCompulsory 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 …
Read moreThinking of Buying a Holiday Home?
February 1, 2018
The tax rules around holiday homes have changed significantly making many formerly available tax deductions unavailable. If considering buying a property to be available for short term hire e.g. a holiday home which is rented out to the public for short periods and you also want to make use of the property – please contact us first for advice! If buying such a property …
Read moreShould Your Residential Rental Property Be GST Registered?
No. Residential rental properties are exempt from GST. You cannot charge or claim GST for the supply of residential rental accommodation, therefore there is no GST implications for this type of activity. This means that there is no GST claimable on the purchase of the property and there is no GST payable on the sale of the property.
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