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Inland Revenue says it is a myth that investments in housing have a tax advantage over other types of investment.
Revenue Minister Peter Dunne and IRD officials appeared before the finance select committee today and were quizzed about why people had the impression that there was some tax advantage in investments in rental housing.
Deputy Commissioner Robin Oliver was blunt: “The short answer there is none.” (more…)
Couples with joint incomes of up to $100,000 before tax will be eligible for KiwiSaver grants to buy their first home, but they’ll be forced to buy cheap properties.
Under the eligibility rules, outlined in Treasury post-Budget notes, people who get the housing grants will be forced to buy a house with a value in the lowest 25% of homes in their town, area or city. (more…)
Property speculators who are reaping millions of dollars from the super-heated housing market are about to feel the heat from a tough new tax crackdown.
Finance Minister Michael Cullen said Inland Revenue would get an extra $14.6 million over the next three years to strengthen property transaction audits. Speculative activity was driving up house prices and household debt levels, he said. So giving IRD more money would help it enforce the law. (more…)
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