Depreciation clawback on sale

[hawkeye]

We had a house destroyed in the Canterbury earthquakes 2011 which had $110,000 depreciation against it. Our accountant at the time transferred the liability onto our replacement property we bought with the insurance proceeds which didn’t come through until a few years later and we sold the land then...

[crashy]

Can anyone recommend a good accountant, with experience in rentals?
Currently using kiwitax, but they have consistently failed to claim deductions we are entitled to, do not have a competent knowledge of tax legislation, and refuse to correct major errors in their work.

Can errors...

[crashy]

I have long suspected that our accountant is not providing the professional service paid for. We actively manage several rental properties, and are full-time renovators. We consistently provide a spreadsheet to the accountant with columns of expenses, and they consistently decide to ignore entire columns...

[crashy]

Low-value asset threshold for depreciation
The Government has recently passed legislation that temporarily increases the low-value asset threshold for depreciation from $500 to $5,000. This will allow you to deduct the full cost of your business assets with a value of less than $5,000 in the...

[jawher]

Can someone recommend a good accountant in the Auckland region specializing in investment property...

[Kdan]

We purchased a property on one title as our family home, after 12 months we divided the house and land into two separate titles. Land and building. We sold one of the properties and continued living in the other one.
I am unsure of our tax obligations.
I have spoken to an accountant who...

[Delvon]

Given we are shortly to be sharedholders and Directors in a high-risk sector, we have decided with our Solicitor that a Family Trust is the best way forward. We've also received advice from our own Accountant and one other Accountant. Trouble being one Accountant recommends placing our rental property...

[InternationalYeti]

Hi all

Can anyone recommend a competent accountant or similar in Wellington who can provide some advice for my situation?

I have two IPs that are residential apartments plus one stand-alone car park, all of which are held in my name.

I would like to transfer these...

[cube]

Who are the current favourites for trusted Trust advice, specifically re-structuring a (simple) family trust and wills now that the kids are all adults.

Specific questions;

a. If an adult child is made a trustee of the family trust, containing family assets including the family...

[jack2016]

Hi I am not sure whether to post this here or in the main NZ forum, but can anyone recommend me a good accountant in Dunedin?

Thanks for any tips.

Obviously want sharp pricing but also more important is a creative accountant, approachable, and experienced in more than just...

[Purple Property]

If you were going to start from scratch, how would you structure your investments?

Let’s say currently you and your significant other have no structures in place and what you aim to do is buy your own home first, then invest in both index share funds and cashflow neutral/positive properties...

[tandarra]

Not sure if this is a confusing one or not.

My mother is building a house which is almost finished, she had 85% of the cash to build and I've funded the remainder so there was no mortgage against it.

Now it's almost complete she wants to be able to help me financially further,...

[Rosco]

A great way to get ahead with property is to concentrate on some easy ideas that you can get done immediately. ...

[fudoc5]

Does anyone know of or could recommend an accountant based in Sydney?

Wife and I have just been relocated to Sydney for my job. I have a 3 beddy rental back in S. Auckland and would like to catch up with an accountant who is familiar with taxes for Kiwi property investors living and...

[hawkeye]

Cost of removing trees was $3600 can that be deducted as an expense as there isn't an asset to depreciate??

Rotten weatherboards were replaced $6,000. Can this be depreciated (what rate) or is it part of the building that can't be now?


I painted the new boards....