Financial Year 2024
There are several tax changes this year -
From 1 April interest deductibility for rental property investors is being phased back in with 100% deductibility from 1 April 2025 onwards.
From 1 April 2024 depreciation on buildings is no longer allowed for commercial landlords.
From 1 July 2024 the bright line test for property sales will only apply if sold within 2 years of purchase.
From 1 April 2024 The trust tax rate will change to 39%.
Personal tax rates are expected to be reduced in the 30 May 2024 budget, the goal is to help middle New Zealanders to meet the increasing costs of living.
If you feel the tax changes may affect you please contact James Dellow to discuss.
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