Claiming expenses on business trips – what’s tax deductible?

You can claim tax deductions for lots of daily expenses when you’re travelling for work. If you take a holiday as part of the same trip, you can only claim for the parts of the trip that were work-related. In general, when you’re away from home you can claim for: flights taxis, or mileage if you use your own car for business travel accommodation meals and snacks. Accommodation If you’re…  Read more

Property Tax Tip: The 10-Year Rule for Real Estate

For this property tax tip we thought it might be handy to summarise the 10 year rule. There are three classes of people involved in land type businesses for income tax purposes. They are developers, dealers in land and builders. The first two are not generally involved in building. If they buy an investment property and sit on it for at least 10 years, they can sell the property without…  Read more

Property Tax Tip: Tax Depreciation Opportunity

Here is a property tax tip that is often overlooked: claiming depreciation. When you buy a property, you can separate out items of commercial fit out for depreciation purposes. Along with the fit out, one item often overlooked is depreciable land improvements like hardstanding areas such as car parks, as separate assets. These hard standing areas could just be base course. The diminishing value rate for car parking pads is…  Read more

House Inflation – Sage Advice

House inflation; something to think about when it comes to one our most expensive assets. Since 1963 under 12 three year terms of National governments average house prices have risen by 9.2% per annum. Under Labour’s 6 terms they have risen 16.8% per annum on average. If we confine ourselves only to the 1990+ low inflation period the average per annum rise under National has been 6.6% versus 12.6% under…  Read more

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