Current Category: Governmental & Regulatory
IRD: Factors to consider when determining your tax status
Three main factors can determine your status as a property buyer for tax purposes:
Your intention when you buy a property;
The patterns of your previous property transactions; and
Your association to a builder, property dealer or developer. The category you fall into isn't determined by what the property is called or how the activity is described. For example, it may be marketed as "rental investment" with strong "capital gain" potential, but your firm intention or prior pattern is the fa...
posted in: Investor, Speculator or Dealer?, Property Dealing vs Property Investing , Capital Gains Tax , Capital Gain, Inland Revenue Department , Governmental & Regulatory, Tax status , Depreciation, Taxation
IRD: What is an investor, a speculator and a dealer?
INVESTOR
If you are an investor you buy a property to use it to generate ongoing rental income and not with any firm intent of resale. The property is a capital asset and any later profit or loss from selling the property is capital and is not taxable (apart from clawing back any depreciation, which is now recoverable).
Property investors sometimes refer to a "buy and hold" strategy. This approach is most likely to mean you are a property investor for tax purposes.
Investors will inve...
posted in: Investor, Speculator or Dealer?, Property Dealing vs Property Investing , Capital Gains Tax , Capital Gain, Inland Revenue Department , Governmental & Regulatory, Tax status , Taxation
IRD: Mistaking property dealing for property investment
Property investor is a collective term for property speculators, dealers and investors. However, they are each treated very differently under tax law.
Click on the following links to read more about
Factors to consider when determining your status
What is an investor, a speculator and a dealer?
If you are not clear on your intentions for buying a property
How long do I need to hold the property to make it a capital gain?
How many properties can I sell before it is considered taxable? ...
posted in: Investor, Speculator or Dealer?, Property Dealing vs Property Investing , Inland Revenue Department , Governmental & Regulatory, Tax status , Property Investment Basics, Taxation
Building Act Review Results and Next Steps
Building and Construction Minister Maurice Williamson, has this afternoon announced that the Government will introduce amendments to the Building Act 2004 that will help cut red-tape and bureaucracy and make builders more accountable. The planned changes to the Act will be phased in over time. Some of the incentives to 'build it right first time' to be introduced to Parliament this year include:
Explicitly stating that builders and designers are accountable for meeting Building Code require...
posted in: Building consents , Department of Building and Housing, Governmental & Regulatory, Building & Housing
NZPIF: How will the proposed changes to the Credit Reporting Privacy Code affect landlords?
To all Property Investor Association members You may have heard recently that the Privacy Commissioner was seeking to stop Landlords’ from obtaining credit checks on prospective Tenants’ as well as restricting Tribunal Orders from appearing on credit checks. Unfortunately the wording of the proposal was ambiguous.
The NZPIF have a long held relationship with the Privacy Commission and have contacted them directly to clarify the situation.
THE COMMISSIONER (A RENTAL PROPERTY OWNER HERSELF...
posted in: Landlord Rights and Obligations, Privacy, Credit Reporting Privacy Code 2004, Governmental & Regulatory, Credit reporting , Tenant screening
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