Important information

 

October 2019

New rules for reporting income tax on rental properties

From the  2019-20 year new ring-fencing rules apply to residential property deductions. Ring-fencing means residential property deductions can only be used to offset income from residential property. You cannot use rental losses to offset other income like salary and wages.

Under the rules, you can only claim deductions up to the amount of income you earn from the property for the year.

You must carry forward deductions over that amount. You can use these deductions to offset your rental income in future income years.

More information can be found on the IRD website or by contacting us.

 

October 2018

Anti-Money Laundering and Countering Financing of Terrorism

New Anti-Money Laundering and Countering Financing of Terrorism Act 2009 comes into effect for Accounting Practices
on the 1st of October 2018.

This legislation
is designed to increase communication between accountants and the Financial Intelligence Unit of the New Zealand Police in order to detect money laundering activity.

Osborne Group may require more information from clients in order to comply with the new legislation.

If you have any questions regarding this please contact us.

                       

 

           

  

 

 

 

            
        
 
Copyright Osborne Group ©  | Disclaimer | Site Map 
Websites for accountants by Wolters Kluwer