Polson Higgs
August 2011 News Archive
Parking for Christchurch Clients (25th August)
We now have two car parks available for Polson Higgs Christchurch clients to use when they meet with us. These are located at Wilson's car park located at 82 Gloucester Street (next to Santorini's Restaurant).
Tax Concessions Imminent for Landlords (5th August)
by Frank Burgess, of Polson Higgs
Concessions to the tax depreciation regime are just around the corner, providing some relief for hard hit commercial building owners in Canterbury.
The legislation will cover from 4 September 2010, and as such, damage from that first earthquake will be covered. Draft legislation has been introduced and is expected to be enacted later this month.
The first issue arises where insurance is paid out on the destruction of assets. A sale of the asset is deemed to occur.
Continue Reading >>Tax on Rugby World Cup Accommodation (2nd August)
From time to time, the Inland Revenue Department have been accused of a philosophy “if it moves, tax it” and their latest publicity on people renting out their houses during the Rugby World Cup would be seen by many as confirming this attitude still exists.
The Inland Revenue Department (IRD) will proactively be looking to contact people who have listed their houses for rent during the Rugby World Cup and reminding them of their income tax obligation to return all income in their tax returns.
I am sure many New Zealanders may have overlooked this consideration in deciding to rent out their houses but the IRD are quite correct that all rental income is taxable and expenses incurred in deriving that rental income are tax deductible.
Continue Reading >>
Last updated: Wednesday, 17 August 2011 | 11:07:19 a.m.
