Hi All. I've just been going through my budgets and am trying to figure out what I may be able to claim in April. Just looking to see if anyone knows the answers to the following. I understand that the generic answer is 'see a registered accountant' but I"m just looking for ball park answers so I can get a rough feel for what I will receive back. I most likely won't have enough money to pay for an accountant so I'm doing as much research as possible and will ease on the side of caution where I'm not sure.
1) I moved in May and have a investment property in Australia. My understanding from a forum search is I'm entitled to claim all interest, insurance, rates and maintenance costs against my taxable income. What I don't know (I may be greedy here) is do I have to claim my rental income as income? The website at htt p://ww w.ird.govt . nz/yoursituation-nonres/move-nz/temp-tax-empt-foreign-inc.html indicates I am exempt from foreign derived income for four years but my guess is that this would only apply for a positvely geared property?
2) After my company paid to move me here I had to relocate at my own cost to another city. htt p://ww w.ird.govt . nz/payroll-employers/make-deductions/staff-benefits/allowances/emp-deductions-allowances-relocation.html mentions that certain costs are taxable but it seems targeted towards employers. I'm sure most will say I should hit my company up to pay for the costs but it's not so black and white and I had to pay out of my own pocket. As part of the move I paid for:
Is any of the above claimable off my personal income or am I stuck with the costs?
3) Before I left home I started a partnership with a friend. We both took out a joint loan in our own names to finance the CAPEX to buy machinery. Since then we have been paying interest + repayments of that loan 50% each. I know back home I would be able to claim the loan servicing costs (my half of interest + monthly account fees) off my personal income. I can't find a reference on the IRD website for this. Am I able to claim this against my taxable income?
Quite a few long questions but I hope there's some simple answers, thanks in advance for any replies. I had to add spaces to the website links since the forum won't let me post links yet
Lastly, in Aus we have a program called e-Tax that you can submit online yourself. Does NZ have the same thing here or will I have to hire an accountant to submit my tax return?
1) I moved in May and have a investment property in Australia. My understanding from a forum search is I'm entitled to claim all interest, insurance, rates and maintenance costs against my taxable income. What I don't know (I may be greedy here) is do I have to claim my rental income as income? The website at htt p://ww w.ird.govt . nz/yoursituation-nonres/move-nz/temp-tax-empt-foreign-inc.html indicates I am exempt from foreign derived income for four years but my guess is that this would only apply for a positvely geared property?
2) After my company paid to move me here I had to relocate at my own cost to another city. htt p://ww w.ird.govt . nz/payroll-employers/make-deductions/staff-benefits/allowances/emp-deductions-allowances-relocation.html mentions that certain costs are taxable but it seems targeted towards employers. I'm sure most will say I should hit my company up to pay for the costs but it's not so black and white and I had to pay out of my own pocket. As part of the move I paid for:
- Fuel to drive from City A to City B
- 2 meals during the drive (8 hour drive)
- 3 weeks of paying rent at two properties because of a lease overlap.
Is any of the above claimable off my personal income or am I stuck with the costs?
3) Before I left home I started a partnership with a friend. We both took out a joint loan in our own names to finance the CAPEX to buy machinery. Since then we have been paying interest + repayments of that loan 50% each. I know back home I would be able to claim the loan servicing costs (my half of interest + monthly account fees) off my personal income. I can't find a reference on the IRD website for this. Am I able to claim this against my taxable income?
Quite a few long questions but I hope there's some simple answers, thanks in advance for any replies. I had to add spaces to the website links since the forum won't let me post links yet
Lastly, in Aus we have a program called e-Tax that you can submit online yourself. Does NZ have the same thing here or will I have to hire an accountant to submit my tax return?
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