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 🏠
Enjoy FREE Gift Wrapping & 10% OFF!
Celebrate Mum with Cosy Comforts and Stylish Treats!
We have the choicest gifts to make her feel cherished.
Poll: Would you want an unconventional funeral?
Funerals can cost as much as $22,000 and the planning can be stressful especially at a time when loved ones are grieving. Some New Zealanders are re-imagining funerals by making their own coffin or having a relaxed ceremony at home. Would you want a less traditional funeral? Share your thoughts below.
Type 'Not For Print' if you wish your comments to be excluded from the Conversations column of your local paper.
-
83.6% Yes
-
14.2% No
-
2.2% Other - I'll share below!
Spoil someone special this Mother’s Day
With Mother’s Day just around the corner, we’ve got you covered. Enjoy up to 34% off 1-year magazine subscriptions and grab a gift for yourself or a mother figure that’ll last all year long!
With over 50 titles to choose from, there’s something for everyone at mags4gifts.co.nz. To make your gift even more special, make sure to click the “This order is a gift” box to add a free personalised e-card to your order. Mother’s Day offers end at midnight on 11 May, so don’t miss out! T&Cs apply.
Loading…
