PHOTO: Christopher and Amanda Luxon. NOW TO LOVE
Now with Jacinda Ardern, bailing as NZ’s Prime Minister, it is almost certain a National led government will be elected at the General Election – 14 October, 2023
Labour campaigned on “no new taxes” but straight after the 2020 election introduced a new tax on tenants – the removal of interest deductibility as a legitimate expense for rental property owners.
The official advice said this would just increase rents and put pressure on the state house waiting list. It’s a tax on tenants.
Labour didn’t listen. Rents have gone up $140 a week under Labour and the state house waiting list is up by over 20,000.
Now Labour has done a massive u-turn and excluded big “Build to Rent” developments by corporate investors from these new taxes.
Mum and Dad landlords aren’t the enemy. They’re critical in addressing our housing supply crisis.
The Government’s own tax experts say the Government’s tax deductibility policy will do little to stop exploding house prices and will drive rents up, says National’s Shadow Treasurer Andrew Bayly.
“The Government’s interest deductibility policy, is not just 11th hour policymaking, but Inland Revenue advised the Government against it.
“Inland Revenue strongly opposed any option to remove the ability to deduct interest and instead endorsed the status quo, saying additional taxes on rental housing are unlikely to be an effective way of boosting overall housing affordability.
“It also claimed the policy would put upward pressure on rents and could reduce the supply of new housing developments in the longer term.
“It estimates that 250,000 taxpayers will now have to face high compliance and administration costs, further eroding coherence of the tax system.
SOURCE: NZ National Party
- Claims about Jacinda Ardern’s wealth
- Real estate agent acted recklessly hugging and kissing a buyer
- Lisa Marie Presley dead at 54 – How did she lose all the Elvis millions? | WATCH
- Real estate agent’s inspection nightmare
- Where have all the property buyers gone?
- Grand Designs NZ: Off-grid Taylors Mistake house still not finished
- Abandoned land for sale
- THE ANCIENT STONE CITY: Proof of NZ civilisation before Kupe
- 2022’s top sale: Herne Bay home sells for $20.75m
- RUMOUR WAS TRUE: Jacinda Ardern RESIGNS as PM – good news for the property market? | WATCH