13 October 2010 | Property investing and tax changes
IRD launches new tools and advice about property investing and tax changes
The IRD has lauched a new guide to help property investors grapple with the tax implications of owning investment property, on the basis that "working out if there are tax implications for your property transactions can be confusing and mistakes are common".
The IRD's new guide, Tax and your property transactions (IR361) helps explain some of the concepts involved, to enable investors to recognise when they may need to seek professional advice from a tax agent.
The guide works through some of the areas where mistakes are commonly made. This information may help avoid errors and correct any mistakes.
Property is a complex area of tax law and it pays to be informed. If in doubt, talk to a tax professional with expertise in this area.