Round 2 of WSS support is now available for businesses affected by Covid-19 and changes have been made to the criteria for eligibility of the RSP.
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The government has recently passed new tax legislation that is set to impact commercial property transactions in excess of $1,000,000 and residential transactions in excess of $7,500,000.
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A summary of the support measures introduced to help New Zealanders during the Covid-19 lockdown announced on 17 August 2021.
When talking tax, most property investors immediately think income tax. But there are situations where residential investors face GST traps and often find themselves ill equipped to see them coming.
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A major overhaul of the Holidays Act 2003 is underway, which is welcome news because this is a notoriously tricky Act for businesses to comply with.
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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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The 2021 budget had little in the way of tax announcements given that the property tax changes were released in March.
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For many investors the impact of phased removal of interest deductibility is still sinking in. In this article we explore some of the consequences of the change that may not have been apparent at first glance.
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Increasing amounts of information are being shared between governments. This means the likelihood of the IRD investigating foreign holdings is higher than ever, and the chances of reducing penalties by pleading ignorance becoming more difficult.
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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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Increasing amounts of information are being shared between governments. This means the likelihood of the IRD investigating foreign holdings is higher than ever, and the chances of reducing penalties by pleading ignorance becoming more difficult.
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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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“I have always been on my own and wanted to be secure in my retirement years and enjoy things like travel. Fortunately I have been a good saver and worked hard to pay down my mortgages. I have done this under the guidance of Withers Tsang who have given me confidence to achieve these goals. What has made it so special is the warm relationship I have with my accountant. He is like a friend who is always available if I need advice and supports me with encouragement. ”