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  1. #11
    Join Date
    Sep 2004
    Location
    Hastings
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    15,487

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    Quote Originally Posted by Anthonyacat View Post
    Afraid I'm an accountant with a good understanding of tax law, rather than a qualified tax lawyer.
    Inadvertently perhaps, quite scary be that comment of yours.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  2. #12
    Join Date
    Oct 2013
    Posts
    1,727

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    Quote Originally Posted by Perry View Post
    Inadvertently perhaps, quite scary be that comment of yours.
    I can see how some would see it that way. But my CA qualification doesn't guarantee I know everything. The idea is I know enough to know where my knowledge is missing, and get in the appropriate help. There are specialist tax consulting firms that firms like my own utilise on the really tricky stuff. Those guys earn a fortune, but they deserve it.

    What's truly scary is that legally one can call themselves an accountant and begin offering services to the public as soon as they've completed an accounting qualification. I can tell you, when I stepped straight out of uni, I didn't know a 10% of what I needed to about real world accounting. Lots of nice theory, some of which is still useful today, but it's a steep learning curve after study ends.

    Even worse, people can offer tax and accounting services to the public without the use of the word "accountant" without any training at all. Have a look around the cheap tax return websites and see how many times the word Accountant is mentioned - it's often zero, instead they use "tax agent" and "bookkeepers", which aren't protected terms.
    CLIENT LIST FULL - Waitlist Available: Anthon[email protected]
    AAT Accounting Services - Property Specialist - AATAccounting.co.nz
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  3. #13
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,487

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    Quote Originally Posted by Perry View Post
    Inadvertently perhaps, quite scary be that comment of yours.
    Quote Originally Posted by Anthonyacat View Post
    I can see how some would see it that way. But my CA qualification doesn't guarantee I know everything.
    That wasn't quite what I had in mind. More the need for having to yoke a lawyer and accountant together to be sure of one's tax position.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  4. #14
    Join Date
    Oct 2013
    Posts
    1,727

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    Quote Originally Posted by Perry View Post
    That wasn't quite what I had in mind. More the need for having to yoke a lawyer and accountant together to be sure of one's tax position.
    Only if you dont trust the accountant - or have something super complicated.
    CLIENT LIST FULL - Waitlist Available: [email protected]
    AAT Accounting Services - Property Specialist - AATAccounting.co.nz
    Lower fees for investors, traders & real estate agents!

  5. #15

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    Couple of quick questions, please.

    Does the $5000 mentioned include the costs to install the asset?

    For example - if I buy a heatpump for $4000, and it costs an extra $1500 to install (so a total of $5500), will I then need to depreciate the full $5500 cost?

    Or can I expense the first $5000, and forget about the rest?

    Or can I expense only the heatpump, at $4000?

  6. #16
    Join Date
    Oct 2013
    Posts
    1,727

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    Quote Originally Posted by BigWal_v2 View Post
    Does the $5000 mentioned include the costs to install the asset?

    For example - if I buy a heatpump for $4000, and it costs an extra $1500 to install (so a total of $5500), will I then need to depreciate the full $5500 cost
    Yes .
    CLIENT LIST FULL - Waitlist Available: [email protected]
    AAT Accounting Services - Property Specialist - AATAccounting.co.nz
    Lower fees for investors, traders & real estate agents!

  7. #17

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    Quote Originally Posted by Anthonyacat View Post
    Yes .
    Thank you very much, Anthonyacat.

    Luckily it turns out that the full installed cost will be a tad under $5000, so I'll be able to expense the lot.

    So I won't need to bother with depreciation calculations. Yay!

  8. #18

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    Quote Originally Posted by Anthonyacat View Post
    Yes .
    Hi Anthony, I have a question. This is the first time I am filing this. Question number 18 in the IR3R Rental Income. The cost of buildings (excluding cost of land). Does this mean I have to include the building cost including chattels and building fitouts or exculded. Please your help is much appreciated.

  9. #19
    Join Date
    Jun 2004
    Posts
    10,631

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    Quote Originally Posted by Sam3000 View Post
    Hi Anthony, I have a question. This is the first time I am filing this. Question number 18 in the IR3R Rental Income. The cost of buildings (excluding cost of land). Does this mean I have to include the building cost including chattels and building fitouts or exculded. Please your help is much appreciated.
    Maybe you should employ Anthony?

  10. #20
    Join Date
    Oct 2013
    Posts
    1,727

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    Quote Originally Posted by Wayne View Post
    Maybe you should employ Anthony?
    Haha - thanks for the recommendation Wayne! Though as per my signature, my client list is full at present.

    As for your question, I am not ashamed to say I have no idea. I don't fill in IR3Rs, all my clients have a full set of financial statements prepared and I fill in the IR10 form instead. IR3R have always been fiddly pains in the butt, and I haven't even looked at the current iteration of it.

    But there'll be an IR3RG brochure (or it might be part of the IR3G) that explains how to fill it in - have a search on the IRD site.
    CLIENT LIST FULL - Waitlist Available: [email protected]
    AAT Accounting Services - Property Specialist - AATAccounting.co.nz
    Lower fees for investors, traders & real estate agents!


 

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