Property Accountants Auckland

At Citywide Accountants,we are your specialised property accountants Auckland. Because we are property investors ourselves, we have been in the game for a long time …and know that your questions and concerns will be regarding your taxes and accounting for your investment properties, or even about the best most tax efficient structure for property investors in New Zealand

If you are thinking of buying a rental property as an investment it pays to have an understanding of how the rental property business works and the tax implications involved.

Making sound financial decisions and seeking professional advice on having the right structures in place, and including whether you should have the property in your name, a trust or an LTC (Look Through Company) is very important, as these are usually large investments.

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Call your fellow Property Investor Gerard to discuss your property accounting needs on 09 266 8379

Getting the most out of your Rental Property Investment

Doing a budget is an important factor when investing in a residential property. This can help ensure you get the best return for your investment.

As property accountants Auckland, from our Manurewa based accountants office, we can provide help with a budget on your property investment, rental returns, financial position and potential growth, explained in an easy to understand manner.

Holding property over the long term (20 years plus) in a good area can be a very profitable way to invest.

Keeping debt down on investments is a wise strategy.

We like to work with people who want to make the most out of their rental property, who are long term investors and assist them in maximising their wealth.

Important Things to Know about Rental Property Ownership from a property accounting perspective:

  • Rental income has to be taxed the same year you receive it.
  • There are many expenses that you can claim for including maintenance & repairs and council rates & land tax. Your Property Accountant Auckland knows the details.
  • There is no GST charged on rent on residential rental property. However, if you own an investment apartment with a management agreement in place, there may be GST implications to consider.
  • If you decide to sell the property you may be liable for tax when you sell it depending on what your intentions were for the property when you purchased it.

Holding the property with the intention of being a Landlord for the long term may be the best strategy, depending on your goals and situation.

Income Tax on Rental Properties

The income you receive from your rental property is liable for income tax. This income can either be from renting out the property.

Call us today for an appointment: 09 266 8379

 Tax Deductions

There are many expenses relating to maintaining and renting out your property that you are eligible to claim for. We can help you with that as specialised rental property accountants.

These may include:

  • Interest payments and loan application fees
  • Council land rates and water rates
  • Rental property accounting cost
  • Advertisements for tenants
  • Depreciation of Chattels and contents
  • Property inspection mileage travel costs
  • Repairs and Maintenance, gardening, pest control
  • Home Office costs

 

 

Capital Gains Tax in New Zealand: Ask your Property Accountants Auckland regarding your specific situation.

There is no capital gains tax at present in New Zealand.

However, if you were to sell the property for a profit, that you intended to resell, that profit is taxable.

Brightline Test:

If a property is bought and sold within two years of purchase there is likely to be Income Tax to be paid on the profit. There are several exceptions.

Every situation is different, you can get an Idea of our property accountant pricing  on our Accountant pricing page. For an accurate pricing for your property accounts please don’t hesitate to contact Gerard by phone or email!

Citywide Accountants Auckland services clients in South Auckland, West Auckland and North Shore face to face at your office our at our Manurewa accountant office. We also do the accounts for clients in other parts of New Zealand and do the New Zealand tax for worldwide clients (Australia, UK, UAE,…) Overseas clients who own property or businesses in New Zealand and need to do an IRD NZ tax return.