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  • ACC levy for retired person has a rental income?

    Hi there
    My parents just received a 2020 ACC levy invoice.
    They have a LTC company set up to manage the rental property, but both of them are retired and over 70, are they still liable to pay ACC levy? Is this because they are the owner of LTC so liable to pay ACC?
    If the rental...
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  • Loan to take capital out of property

    Like most, my property has realised capital gains and has over $600k equity. My current account balance is zero. The structure is a look through company. My question is this. Is the LTC allowed to take out a loan of $150k against the rental property and give that to me for personal use, essentially...
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  • Mikay29
    started a topic Please advice to minimum my tax

    Please advice to minimum my tax

    Hi guys,

    Hope you guys can please advice me in this situation.
    I bought my first home in Sep 2018 for 600k to live there with some renovate then I sold it in July 2019 for 680k.
    I bought a second house to live in August 2019 for 650k and just sold it for 720k.
    I'm...
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  • Beano
    started a topic Depreciation on building

    Depreciation on building

    I have heard depreciation on commercial buildings is back again!
    Great news ... looking forward to the details.
    I use to get $175k depreciation in the old days.... double bonus perhaps with another decrease in interest rate.
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  • Kdan
    started a topic Subdivided property

    Subdivided property

    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...
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  • Ring Fencing Basics and Eleven Examples

    Ring Fencing Basics and Eleven Examples



    As many of you will know, Ring Fencing comes in from 1/4/19. This basically means that you cannot offset residential property losses against other income.

    What does this really mean for a lot of property investors? If...
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    Last edited by donna; 09-12-2019, 05:25 PM.

  • apartmental
    started a topic Tax on international income

    Tax on international income

    Hi people, I've been reading a lot in interest.co.nz lately about IRD contacting New Zealanders who have bank accounts or investments overseas and haven't declared any international income on their NZ tax returns.

    This may be a very silly question, but I have a tiny shareholding in the...
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  • What accounting/management software do you use?

    Hello,
    I am new to property investing and would like to know what software everyone uses to make the management side of things easier. Specifically, what software do you use for the accounting side of the house to aid with tax filings etc.
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  • alan396
    started a topic "main" home

    "main" home

    Hi, hope somebody can help. I'm wanting to sell my only NZ house that I bought 10yrs ago and lived in ,apart from hols, ever since. It meets the NZ definition of main home. My tax status is simple, I just work for my employer paying tax via paye. I still have a house in the UK where my wife lives, she...
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  • jack2016
    started a topic GST and property sale

    GST and property sale

    Hi if you bought a property (no GST) and then rented it out and it turns out you are getting over 60k a year then you need to register for GST ...

    What happens when you then sell the property - will you have to pay GST on the profit from the property?

    Let's assume it is just...
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  • Replacing fence and door tax deductible?

    Hi

    1. I have an old plaster fence at my IP that is broken away and collapsing. If I remove and replace the fence with a brick or wooden fence, is this tax deductible as an expense, or capitalised and depreciated?

    2. I have a outside wooden door that is starting to rot and wont...
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  • Moving to Australia / Property in Auckland

    Hi all,

    Apologies if this is a simple question as I am not too versed in all this stuff, but looking for some guidance if possible.

    My wife, young daughter and I (all NZ Citizens) are moving to Brisbane very shortly from Auckland. My wife has an job lined up and starts in early...
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  • Living overseas with family home rented in NZ

    If I work in Australia for 2 years and rent my home out in Auckland is tax paid on my NZ home in NZ or Australia?
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  • Family Trust OR Family Trust and LTC?

    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...
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  • Cjlambert
    started a topic Timing and cashflow

    Timing and cashflow

    Hi everyone, I am a new investor with 3x investment properties. Trying to figure out timing of when to buy. From personal experience, do you buy just as the mortgage broker approves or set a goal eg one per year. Is it foolish to buy too quick? I have just been approved to buy one more so do I just...
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