Articles by John Heaslip
Hopefully the “post-Covid” reference in the title is not tempting fate, but at the time of writing New Zealand appears to be in an enviable position in terms of control of the public health side of the Covid pandemic. However, battling through the economic fallout is going to be just as challenging.
All readers will be aware of the government taking multiple actions across multiple different platforms to assist the public and employers as they work through the financial fallout. So I thought it would be useful to summarise some of the key tax measures that have been instituted in the past three months.
While the above concessions are all welcomed, in our view the IRD could have gone further. We would like to have seen them defer the implementation of the ring-fencing rules until the current income year has finished. Consideration should also have been given to an exemption from the application of the bright-line rule where one is forced to sell a property due to financial difficulties caused by Covid. That said, given the government’s antipathy to property investors we can’t say we are surprised that such measures were not taken. An additional measure that would be welcomed by tourism affected people, would be tax concessions to spread redundancy payments across multi-tax years. There have been murmurings of this in the wind, but nothing yet.
Apart from inspiration from the presenters, the things I enjoyed most abut Property School were meeting other people that are starting out in property investment and making good contacts. - Paul Bruce, November 2018
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.Learn More