Coalition Government Delays Interest Deductability Phase-In
The Government has announced that interest deductibility on residential investment properties will be phased back in starting from April 2024. This means that affected taxpayers will now be able to claim 80% of their interest expenses from April 2024, with the deduction set to return to 100% from April 2025.
This decision backtracks on the coalition agreement, which initially proposed 60% deductibility from April 2023.
Associate Finance Minister David Seymour stated, “Landlords have been hit hard by rising mortgage interest rates and increasing interest deductibility limitations, especially during these times of economic strain. These costs often get transferred to tenants, contributing to the soaring rental prices in New Zealand.”
In light of this policy shift, should we be wondering if the Brightline changes will be "amended"?
It is worth noting that changes to banks' servicing tests are expected, which could have a significant impact on property investment financing.
For independent financial advice tailored to your family or business, reach out to adviceHQ.
#InterestRates #MortgageRates #nzpropertyinvestor #advicehq 🏠
The perfect treat this Mother's Day
This Mother's Day treat yourself or a loved one with the ultimate Sunday self-care gift.
Purchase a discounted subscription to Sunday Star-Times before 12 May, and receive a FREE Antipodes Maya Hyaluronic 72-Hour Hydration Serum worth $56*. Find out more below.
Gifting a subscription? Add a personalised e-card to your order to make your gift even more special. Offer ends next week so don’t miss out! T&Cs apply, promo code must be applied.
Visit Ngataringa Organic Garden and get your winter seedlings
Ngataringa Organic Garden
Fundraiser & Winter Seedling Graduation Event
Saturday 11 May 9.00 am – 12.00 noon
Visit Ngataringa Organic Garden as we say goodbye to our graduating winter seedlings. Thousands of them. Ready for planting out into your beds or containers. As a local community garden we would love your support and know you’ll love these seedlings as much as we have 💚🌱
And there’s lots of variety including the super healthy kales, peas, cauliflower, a variety of onions, lettuces, celery, spinach, silverbeet, and so many more. Ready to pop into a bed or container to get those organic winter veggies rolling for the whānau. These seedlings have been sown in sterilised recycled punnets using organic seeds and mixes to the extent possible. Six-pack punnets often contain 10-12 plants and suggested koha is $3-$5 per punnet.
Enjoy a cup of tea or coffee and a scone or cake while you visit. We welcome you to join us and encourage you to explore one of Te Hau Kapua / Devonport’s lovely community gardens while you are here 😊.
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