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Resource and Building consent costs tax deductible against personal/LTC?

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  • AucklandNewbie
    replied
    Hi Donna,

    Intention is to keep not sell.
    I want to get to RC and BC but should finance not work out then question would be if any tax deductions previously claimed would then become repayable etc.

    Many Thanks!

    Leave a comment:


  • donna
    replied
    Hi Aucklandnewbie,

    This is one for the accountants on here.

    What is your intention with the new build?

    cheers

    Donna

    Leave a comment:


  • Resource and Building consent costs tax deductible against personal/LTC?

    Hi,

    Can the costs to obtain RC and BC be tax deductible against personal income if done as a LTC thus offset personal tax?
    I.e. you haven't yet started/completed build or you may not even build if you cannot obtain finance at the end of BC etc.

    We spent @10k last financial year and haven't yet filed LTC (self employed) or personal tax return. Suspect cannot claim this.
    About to kick off RC this financial year and wondering if should spin up a second LTC for this (But property is privately owned, not company owned though).

    Tried to book meeting with accounts for tax advice but unless you sign up with them/tax returns etc they don't tend to respond to paid meeting requests.

    Thanks in advance.
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