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Tax Tips Alert: October 2021
Government introduces housing tax changes
This week, the Government unveiled the details of its controversial tax proposals which are intended to address New Zealand’s “long-standing housing affordability problem” and bring about more owner-occupied housing, sustainable house prices, and a more competitive housing market. At a high level, it is proposed that interest deductions in relation to residential investment properties will be disallowed (with deductions for interest on existing loans to be phased out over time).
The final details released this week further demonstrates that the rules will be complex to apply. However, there were a number of positive policy decisions which were taken on board by officials as part of the consultation process.
Our Tax Tips Alert provides further detail on these key design features, including:
- What property will be subject to the new rules
- Who is excluded
- The position of property developers and new builds
- Interest that will be subject to the new rules
- The availability of deductions on the disposal of property
- What's next
We also mention proposed remedial changes to the recently introduced business continuity test for tax losses and changes which provide a new alternate FBT rate.
If you would like any further detailed advice on what these announcements mean for you, please reach out to your usual PwC advisor.
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