Something we’re often asked to clarify are the compulsory zero rating rules that apply to all land transactions between GST registered people.
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With summer approaching and the market delivering opportunities for buyers, you may well spend your holiday time contemplating the purchase of a bach, which you’ll then rent out to other holiday makers.
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New build land is typically defined as land to which a self-contained home or residence has been added. A code of compliance must have been issued on or after 27 March 2020, showing that the home or residence has been added to the land.
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In a tax year where fairness and equity in our property tax system was seemingly sacrificed, it is as important as ever to go into the new year with a clear picture of what lies ahead on the tax front.
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Ticking items off your end-of-year tax checklist this month? Make sure you don’t forget income received from Covid-19 business support.
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When it comes to tax, much of the focus is on minimisation, but of equal importance is understanding the process by which it becomes payable and falls due.
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There has been so much focus on the tax changes to property of late that it’s easy to forget that there are different types of property investment and they are most certainly no longer treated equally or fairly under the existing tax laws.
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The new rules concerning interest deductibility removal and the 10 year Brightline, combined with new planning rules allowing for intensification of large site properties, has many investors considering their options.
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On 1 July 2021, a new law known as the Purchase Price Allocation Rules comes into effect.
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By now, the shock of the Government’s unprecedented and unheralded move to phase out the deductibility of interest for residential investors will be beginning to sink in.
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The Government has announced two significant changes set to impact Residential Property Investors.
1. The phased removal of interest deductibility
2. Doubling the Brightline from 5 to 10 years
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A recent court decision has clarified whether new building repairs and maintenance can be apportioned between tax deductible or non-deductible expenditure.
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