Archive for September, 2009
Do you need to pay tax on a property you have purchased in New Zealand? The Inland Revenue Departments state this depends on your reason or intention at the time you purchased the property. When the IRD decides whether or not you should pay tax on the profit from the sale of the property, intention is the deciding factor. If you purchased the property with the firm intention of selling it when prices rise to make a gain from the increase in the value the profit is likely to be taxable. However if you purchased the property to provide a home for your family, any profit from the eventual sale will most likely not be taxable. The test is to ask yourself “what was my reasons for purchasing this property” To be continued stay posted
Our thoughts and prayers go out to the people of Samoa. What a tragedy. There must be a lot of movement going on with the plates in the Pacific at the moment. Being here in New Zealand with a Tsunami warning. Gee our little country could be swallowed up. Definitely not the time to be on a surfboard. Stay safe
September 27, 2009
Interesting article from Martin Hawes I believe property is a sound and good investment. He is correct there are other investment options for New Zealanders to explore, but people need to be educated on these investments as they are often complex. The security property provides is that people can see it and feel it, it has a sense of reality, and capital gain is pretty much on par with the share market. Imposing a capital gains tax on property investments is not the answer for the Government to either raise further revenue or put a damper on speculative property investment. The Australian government is notorious for ripping of the public with stamp duty and capital gains tax to top up their coffers. New Zealand is a great place for overseas investors, property is very affordable compared to other parts of the World and is a sound investment strategy. Happy Investing Kim
http://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=10599783
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A lease interest is created when the Lessor grants to another party the Lessee a right of possession of land for a period of time. In effect the Lessess will pay the Lessor a fee for occupation. The terms will be written into a form of a Lease document. The Lease will contain the conditions such as length of time for which the Lease is to run, the property or premises together with right of occupation. The Lease should be registered against the Title. New Zealand contains a lot of Leasehold properties. Here are a few examples of Leases: Commercial Lease, Residential Leases, Leases of Crown Land, Cross Leases or Maori Land. Much care should be taken before purchasing property which is Leasehold. Again homework, research and professional advice should be sought.
