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Tax changes

#Post
1

Another disaster for renters and FHBs
https://www.nzherald.co.nz/nz/politics/tax-to-sting-landlord
s-unveiled-with-20-year-exemption-for-new-builds-and-boarder
s/EHHO5IAQAM27SBHH4BVMUBU5AY/

sweetgurl108 - 2021-09-28 15:04:00
2

Congratulations to any house CCC'd before 26th March 2020, you're not a new build. But after that date it's a new build for 20 years. Makes no sense. Rents are going to fly up and up

cliffmate - 2021-09-28 15:07:00
3

This gummermint have stuffed both the rental and housing market,stuffed it real good. We are now like some south American republic when it comes to buying a home. Reluctantly I have to say go to Queensland where you will get a better chance at buying or renting. How the public can continue to support our current dear leader beats me.

hammer23 - 2021-09-28 15:17:00
4

Sneaky changes added without any consultation again. Evictions & reduced rent at the whim of a Minister. How marvellous. Better put the rents up some more.

Edited by pcle at 5:31 pm, Tue 28 Sep

pcle - 2021-09-28 17:31:00
5

IMHO, What a convoluted dogs' breakfast.
https://legislation.govt.nz/sop/government/2021/0064/latest/
whole.html

Will probably need to consult a Tax specialist.

As a layman, it's hard to determine whether or not a place I purchased late last year and had a CCC issued in November 2020 is included or excluded from these shiny new interest deductibility rules.

While I understand these tax changes are part of a wider suite of tools to improve housing affordability, the impression I get (rightly or wrongly) that the government doesn't quite understand what it's doing especially after watching a video clip where the media grilled David Parker. I guess things will become clearer in due course... May be.

Anyway... still planning to go ahead and gradually discharge the mortgage as each staggered segment rolls off it's fixed term.

cognition - 2021-09-28 20:25:00
6

Most transparent Government ever. What a lie. More and more this bunch of liars and clowns act like total despots.

pcle - 2021-09-28 21:23:00
7

"Finance Minister Grant Robertson said the changes would tilt the balance of the property market towards first home buyers."
While totally ignoring that the extra cost to landlords will cause rent rises and first homebuyers will find it even harder to save a deposit.

maddie44 - 2021-09-28 21:33:00
8

With no due process. No consultation. No discussion.
Communist dictators.

pcle - 2021-09-29 07:52:00
9

Part of the change appears to be a strategy to get social housing wait lists down since it encourages leasing to KO. Once again, either not thought through or consequences ignored.

sweetgurl108 - 2021-09-29 08:40:00
10

If I was to become a landlord I'd want to buy an older house, stuff buying a brand new home to have a bad tenant destroy it within a couple of years.

coolnzmum - 2021-09-29 08:58:00
11
sweetgurl108 wrote:

Part of the change appears to be a strategy to get social housing wait lists down since it encourages leasing to KO. Once again, either not thought through or consequences ignored.

I would say panic on the Treasury benches as social housing waiting lists have skyrocketed under their watch - nearly quadrupled and about 2,000 more households added each month, plus motels etc. I think the last number reported was 3 months ago, June. They tell us it is because they are making sure people know what is available, but keeping very quiet about how much it is costing the taxpayer. (Hint - it's huge.)

Some of us who know a bit about social housing know exactly why landlords won't rent to some households these days.

artemis - 2021-09-29 11:12:00
12
coolnzmum wrote:

If I was to become a landlord I'd want to buy an older house, stuff buying a brand new home to have a bad tenant destroy it within a couple of years.

Please dont buy a rental we dont need more land owners like you that see everyone that rents as scum of the earth that will trash your house.. .they forget renters are building there wealth.. and there are more good tenants then bad but we never hear about the good ones. If you treat someone like crap most likely they will not respect you or your rental.. you get what u give............. It sounds to me the govt has its hand out wanting its share bit like any other tax where they see a opportunity to grab cash using this that and the other as an excuse.

Edited by dayco-nz at 10:12 pm, Wed 29 Sep

dayco-nz - 2021-09-29 22:06:00
13

More tax for tenants to pay.
Really dumb stupid laws from the clowns.

https://www.stuff.co.nz/life-style/homed/real-estate/1265171
74/interest-deductibility-policy-is-a-tenants-tax-property-i
nvestor-group-says

pcle - 2021-09-30 07:54:00
14
maddie44 wrote:

"Finance Minister Grant Robertson said the changes would tilt the balance of the property market towards first home buyers."
While totally ignoring that the extra cost to landlords will cause rent rises and first homebuyers will find it even harder to save a deposit.

Very few FHB are buying new builds. In our area its the 2nd or 3rd home buyer moving up the ladder or then downsizing getting ready for retiment. So buying their last home new to be pretty maintenance free.
First home buyers are generally either buying houses from deceased estates, so 1950s or so or homes built in the 50, 60 or 70s.
So IMO the if it is only new builds that have any advantage, you will find profesional LLs buying the up to 20 year old "new builds" which may or may not slow down the market for the 50year olds.
Which means their homes wont come on the market if they cant shift to a new home.

bernie184 - 2021-09-30 15:18:00
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