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On 28 September 2021, the Government released their draft legislation for amendments to interest deductibility legislation and how new builds will be treated for bright-line tax purposes.
On 10 June the Government released their discussion document “Design of the interest limitation rule and additional bright-line rules”. The discussion document provides details on the proposed interest limitation and bright-line rules, following the 23 March 2021 announcements.
On 23 March, the Government passed their amendments to the residential-property bright-line test under urgency, and without consultation via a Supplementary Order Paper (SOP).
In mid-August, Inland Revenue released Questions we’ve been asked QB20/01 Can owners of existing residential rental properties claim deductions for costs incurred to meet Healthy Homes standards? Owners of residential rental properties are required to meet certain minimum standards which...