Members of Parliament’s Finance and Expenditure Committee have been taken on a deep dive into the complexities of the new residential property tax rules.
Chartered Accountants Australia and New Zealand (CAANZ) told the committee to keep tax rules simple, otherwise there will be “unintended outcomes and inadvertent non-compliance.”
By unpacking a range of potential property issues in the Taxation and Remedial Matters Bill, CAANZ highlighted the need for simplification.
Despite all the law changes the important ones related to rent arrears remain unchanged but the way Tenancy Services and Department of courts deal with cases has changed a bit.
Glenn from the Nelson Property Investors Association has put together an abbreviated version of the Act. Landlords and tenants should not rely solely on this, because there are many other very significant changes that if ignored or not followed correctly will result in significant penalties or lost rent and bonds.
The proposed amendment states that the current act came into force 30 years ago in 1986. What is not said is that in 1986 at that time New Zealand had an iconic Labour leader David Lange and Roger Douglas was loose on the market.
A landlord or property manager is legally entitled to inspect a rental property every four weeks. This may not be feasible but other opportunities to see inside a rental unit are available such as when maintenance work is being carried out.