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  1. #1

    Default Heat Pump = Repairs & Maintenance?

    Hey all,

    We are looking at putting in a heat pump and was wondering if there is a way we can claim it as repairs and maintenance? If not, how are we best suited to claim as much as possible back at the end of the tax year?

    Open to creative accounting however our accountant is a little straightlaced. Installer is likely to be HRV and there is no current heat source in the house.

    Thanks in advance

  2. #2
    Join Date
    Oct 2015
    Location
    Rotorua
    Posts
    392

    Default

    I'm not an accountant but by any means it's a capital expense.

  3. #3
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
    Posts
    713

    Default

    Perhaps lease one
    The lease payments are usually 100pc deductable

  4. #4

    Default

    Quote Originally Posted by AlFa View Post
    I'm not an accountant but by any means it's a capital expense.
    Yea thats what I think as well but am hoping someone can tell me a way around that or of another way to claim as much as possible back

    Quote Originally Posted by Beano View Post
    Perhaps lease one
    The lease payments are usually 100pc deductable
    Thanks for that, only thing is that we intend on moving back in to the house at some stage and would like the heat pump to be in the house still when we move back in

  5. #5
    Join Date
    Oct 2015
    Location
    Rotorua
    Posts
    392

    Default

    In some regions council provide interest free loan for heat pumps. It's being added to rates over 10y. It's a brilliant way but conditions could be hard to meet

  6. #6

    Default

    Quote Originally Posted by AlFa View Post
    In some regions council provide interest free loan for heat pumps. It's being added to rates over 10y. It's a brilliant way but conditions could be hard to meet
    Thanks for that. Paying it off at once isn't a problem on this instance as I am hoping to get it done and paid for before 31/3/19 when the ring fencing comes in so I really just need to know how I can put it on the books in order to claim as much back at once

  7. #7
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,107

    Default

    Quote Originally Posted by BradFromNZ View Post
    Thanks for that. Paying it off at once isn't a problem on this instance as I am hoping to get it done and paid for before 31/3/19 when the ring fencing comes in so I really just need to know how I can put it on the books in order to claim as much back at once
    It's a capital expense mate.

    I put some in a few years ago. My accountant is straightlaced too. But she was right.
    Squadly dinky do!

  8. #8
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
    Posts
    713

    Default

    Do a deal with a air-con company
    Lease it with a option to buy at the end of the lease

  9. #9

    Default

    This is a fantastic idea... wish i'd thought of it!

  10. #10
    Join Date
    Jul 2005
    Location
    NZ
    Posts
    972

    Default

    You seem to know that it is a capital expense but you still want me to contribute to the cost of your heat pump... If you just include you bank account number, I think you'll find that most people on this site will just contribute directly.


 

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