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Reasons To Use A Tax Agent Instead Of Doing Your Own Tax

January 31, 2018

Using a tax agent to prepare your business or rental property accounts and returns will ensure your returns are correctly calculated and prepared and will make sure you are saving as much tax as possible. Also accounting costs are deductible as a cost, where as if you do it yourself and end up paying more tax than necessary – the tax payments aren’t deductible!

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Rental Property Trading Structures

Privately Owned To privately own your rental property basically is when you go out and purchase and own it under your own name. All rents received and expenses are declared in your personal tax return. There’s no “official” setup or registration required other than buying the property in your own name. Going with privately owned is a good choice in that it’s easy and …

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

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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