Deductibility of expenses on rental properties is quite clear but not so with properties partially used for private purposes, such as “baches” or holiday homes. Taxpayers often want to claim partial deductions for expenses (interest being the largest) for the period holiday homes are let out. Until recently, the Inland Revenue had allowed the property...
Investment in real estate, especially residential properties, remains a popular choice of investment. One can see why it is attractive to New Zealand taxpayers — For one, there is no capital gains tax on the eventual sale of the property and land tends to appreciate with time; The current rate of after-tax return on fixed-term...
Lease agreements Over the years, leasing of assets has taken on many different names and forms – hire purchase agreements, lease to buy, operating lease, finance lease, multi-lease to name a few. Most times, the variations are used about motor vehicles more than other assets. Financing Options Broadly speaking, there are three financing options when...
Are you aware of the Personal Property Securities Act “PPSA” which came into force on 1 May 2002? The Act reforms the law relating to security interests in personal property. It affects lending, leasing, and other types of credit-providing activities. The PPSA contains rules for determining the priority between security interests in the same personal...
Ever made a bad investment decision? Probably not too many that you’d probably care to admit to. However, if you are to get truly honest answers it is rare to find decision-makers in New Zealand organizations who can honestly say their record is impeccable. Part of that probably comes from our Number 8 wire...
Trustees Liability The legal position of a trustee is that they are personally liable for trust transactions. Often, the trust deed has a limitation of liability clause that is included to effectively provide a trustee (usually an independent trustee) with protection against claims by a beneficiary. The trustee, however, may not be protected when transacting...
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GST on Second-hand Goods GST may be claimed on second-hand goods by a GST registered person if those goods are bought from a non-registered vendor, provided: The buyer actually pays for the second-hand goods before claiming GST on it; The buyer keeps sufficient records such as an ordinary invoice because the unregistered vendor will not...
Depreciation on Buildings From 1 April 2011 depreciation on most buildings will be eliminated as per the legislation enacted following the budget announcement in May 2010. A new Schedule 39 is in the Income Tax Act 2007 which lists the types of buildings on which depreciation may continue to be claimed as they are deemed...
Are you aware of the Personal Property Securities Act “PPSA” which came into force on 1 May 2002? The Act reforms the law relating to security interests in personal property. It affects lending, leasing and other types of credit-providing activities. The PPSA contains rules for determining the priority between security interests in the same personal...
Follow our eight-point plan to facilitate your eventual succession and exit-from-business strategy. It’s no picnic trying to increase business value by growing Earnings before Interest and Tax [EBIT] while de-risking your operating model to get there. But these two performance criteria are critical to a successful succession plan. Strong corporate governance, including effective financial...
© Knobloch & Associates Ltd, 2024.
Designed and Maintained by Nika Consulting Group Ltd.
© Knobloch & Associates Ltd, 2024.
Designed and Maintained by Nika Consulting Group Ltd.
