Coalition Government Delays Interest Deductability Phase-In
The Government has announced that interest deductibility on residential investment properties will be phased back in starting from April 2024. This means that affected taxpayers will now be able to claim 80% of their interest expenses from April 2024, with the deduction set to return to 100% from April 2025.
This decision backtracks on the coalition agreement, which initially proposed 60% deductibility from April 2023.
Associate Finance Minister David Seymour stated, “Landlords have been hit hard by rising mortgage interest rates and increasing interest deductibility limitations, especially during these times of economic strain. These costs often get transferred to tenants, contributing to the soaring rental prices in New Zealand.”
In light of this policy shift, should we be wondering if the Brightline changes will be "amended"?
It is worth noting that changes to banks' servicing tests are expected, which could have a significant impact on property investment financing.
For independent financial advice tailored to your family or business, reach out to adviceHQ.
#InterestRates #MortgageRates #nzpropertyinvestor #advicehq 🏠
Poll: Should the government levy industries that contribute to financial hardship?
As reported in the Post, there’s a $30 million funding gap in financial mentoring. This has led to services closing and mentors stepping in unpaid just to keep helping people in need 🪙💰🪙
One proposed solution? Small levies on industries that profit from financial hardship — like banks, casinos, and similar companies.
So we want to hear what you think:
Should the government ask these industries to contribute?
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60.8% Yes, supporting people is important!
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23.5% No, individuals should take responsibility
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15.7% ... It is complicated
Night-time chipsealing works on SH2
From 9 to 17 February, stop/go traffic management will be in place on SH2 between McPherson Road and Dimmock Road on multiple nights between 9pm and 5am (Sundays to Thursdays).
During the day, all lanes will be open, but speed restrictions will apply to allow the chipseal to set and to protect vehicles travelling over the newly laid surface.
There may be delays to your journey when travelling through the area. This is weather dependent so check NZTA Journey Planner before you travel.
A Neighbourly Riddle! Don’t Overthink It… Or Do?😜
Do you think you know the answer? Simply 'Like' this post if you know the answer and the big reveal will be posted in the comments at 2pm on the day!
If you multiply this number by any other number, the answer will always be the same. What number is this?
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