Free Property Advice. Rental Properties & Tenancies
- Partly oral "rent to buy" agreement upheld by High Court The High Court has upheld a partly oral, partly written "rent to buy" agreement, signed in front of a kaumatua by only one of the registered owners. Read More »
- Property Law Act 2007. What has changed? The Property Law Act 2007 came into force on 1 January 2008. This is the first review of our property legislation since 1952. Gerard Kilpatrick, a partner in the Warkworth Lawlink firm of Webster Malcolm & Kilpatrick, looks at some of the practical implications. Read More »
- You and Your Qualifying Company If you have thought about buying a rental property, you may have been advised to purchase it through an LAQC - a Loss Attributing Qualifying Company. The benefit of an LAQC is that it provides the opportunity to distribute income at the lowest tax rates and allows rental losses to be offset against other personal income. This booklet, published by Kendons Chartered Accountants Limited, takes you through the mechanics of Qualifying Companies and LAQCs, including how to set them up and why might you want to consider doing so. Read More »
- Buying and Selling Residential Property - Property Tax Do I have to pay tax on property I sell? This guide will help you to understand whether you should be paying tax when you sell a property and tells you about your responsibilities. It will help you decide whether you need to get more information or professional advice. Read More »
- Do I have to pay tax on property I sell? Do I have to pay tax on property I sell? The answer to that question depends on your reason or intention at the time you bought the property. When deciding whether or not you should pay tax on the profit from the sale of a property, the IRD look at your intention when you bought it. If you bought the property with the firm intention of selling it when prices rise—to make a gain from the increase in the property’s value—the profit is likely to be taxable. However, if you bought the property to provide a home for your family, any profit from the eventual resale will most likely not be taxable. Read More »
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