Is land tax calculated per property or the additional of all properties I hold.
So if I own 3 properties that add to more than the threshold but non break the limit by themselves what happens ?
Hi,
Land tax is calculated on each individual property. If you bought a double-unit or maisonnete under 1 title then you would pay land tax for one. However if it is under two or more names then you would pay land tax for each.
Land tax varies from state to state so make sure you know how much land tax you would need to pay.
Good source is to but Taxpayers Book 2003/2004 as it has all the laws and regulations for each state.[
]Hi all,
I’m just wondering can you claim Land tax in you tax return as an investment/business expense?
It might be a dumb questions but i would like to know.
[:X]
Michael
Land tax, rates etc. etc. are all claimable against your property income.
Cheers
MelLand tax, stamp duty, Capital Gains tax – that’s a hell of a penalty you guys pay for investing in your beautiful country. None of the above apply here in New Zealand at the moment. But before you jump on the plane for an investing spree it would be prudent to check out any tax issues when repatriating your funds, should you chose to at a later date. However there has to be a better legal way than to give so much of your hard earned investment income to the government! I know in NZ we pay higher company tax (33% vs your 30%) and higher GST (12.5% vs your 10%) but I still can’t help but feel that your governments, both local and federal are into your pocket in a very severe way, and I have lived and worked in both countries. Mind you, if the deal stacks up, the deal stacks up – and that is all that counts, no matter where it is.
On to another vein, it seems that most of you invest in residential property, which is good if it works, but from my humble experience residential tenants are hard work, legislation is biased towards the tenant, the landlord has to pay rates, insurances and maintenance, and leases aren’t easily enforcable against the tenant. Commercial property, on the other hand is free of all or most of these vices, though admittedly banks are reluctant to loan more than 70% of value. When I awoke to the advantages of commercial investment property I sold all my residential holdings and invested totally in commercial and manage them myself with very little effort. All are on P&I loans over a maximum timeframe of 15 years, and all return good positive cashflow, such that I only work because I want to – not because I need to. I, in turn, now pay rent where I live, which happens to be in a very desireable beach-side location that would cost moonbeams to buy into.
Food for thought hopefully. I enjoy this forum.
Cheers, JulianThanks Melbear for the Info and Julian for the information.
Julian i’m wondering do you know of any realestate websites that you can use to search for NZ properties either commercial or residential?
Are there any good forums from NZ locals?
Thanks once again for the information.[
]Michael, sorry but I never bother with web sites for looking at property. I find there’s no substitute for the classified adverts (the Saturday edition of The New Zeland Herald is very good, try http://www.nzherald.co.nz ) and building relationships with good real estate agents – it takes time but it pays off for me. The best RE agents I have found are those that also invest.
Each to his (or her) own, I guess. Mabee I’m limiting my opportunities by not becoming more computer savvy, but it’s not like I’m out buying property every week – hell no, and that’s the beauty of commercial – plenty of time for doing whatever one enjoys, be it fishing, boating or what-ever. The tenant pays the rent, all the bills and keeps the investment looking good.
Best wishes with your investing, Julian
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