Today the new tax changes come in for those of us still left in the rental property market. It’s the start of a new financial year and it doesn’t feel so new anymore. We are all in the throes of electing to change to LTCs, we know about the depreciation changes and we know that our rental property losses won’t have such an effect on our tax this year – but what about this year? What is going to happen to the rental property market, particularly in Auckland where one of the biggest shows in town is going to arrive in a few months time?
A great new start or the same old, same old (or something in between)?
Posted by
Bizink on Feb 8, 2011 5:39:00 AM
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Topics: 2012 financial year, demand, Firm News, investment property, rental property, xero, accounting, Blog, inflation, LTC, property, xero accountant, accountant, changes
What Tax do I have to pay if I’m Selling a Property for Profit?
Posted by
Bizink on Dec 7, 2010 5:34:42 AM
If you sell your family home and are lucky enough to make a good profit to help with the purchase of your next family home – don’t worry about it – if it’s all straight up and uncomplicated and the time factor is reasonable and you are doing what you say you are doing the IRD won’t be interested as the profits from the sale of a family home are generally not taxable. You will need to declare it on an IR3 – as an individual tax return and tell the IRD what you are doing and how all the figures are worked out.
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Topics: Firm News, GST, investment property, rental property, xero, accounting, Blog, IRD, profit, property sale, property tax, tax, changes