Property Tax and Accounting
OUR TAX AND ACCOUNTING SERVICES
At Property Accountants we offer the full accounting and taxation services. We specialise in rental properties and property investments. When we undertake your monthly accounts and end of year financial accounts, you can be assured we will complete your accounts, in a manner to maximise your rental return.
With us, we take the care to maximise the return on your property investments:
- We include all rental income: standard weekly / monthly rent, board, Airbnb income, and any other property related income.
- We claim all appropriate expenditure deductions, e.g. repairs and maintenance, rates, accounting fees, rental management agency fees.
- We include Capital purchases and depreciation of assets. With regard to rental properties, the assets that are commonly depreciated include the kitchen stove, heat pumps and other fitted heaters, carpets. All assets will be depreciated as per the current IRD depreciation schedules.
- As part of our service we some times need to identify and correctly classify expenses relating to repairs and maintenance vs capital improvements. The distinction often lies between whether the asset is being improved vs maintaining it to its initial condition and state. As part of our accounting service, we can correctly determine if the expenses are a deductible item or a capital improvement.
- It’s important to note that property investment may have complex tax implications. We provide tax opinions.
- With regards to GST as a property investor, we will guide you on the use and payments of GST. This includes whether you need to become GST registered or not and its future implications. For holiday rental accommodation, there is GST implication (Zero rated) when you purchase or sell the property. For property investors and property developers GST may be a requirement.
- As part of our service we sometimes need to identify and correctly classify expenses relating to repairs and maintenance vs capital improvements. The distinction often lies between whether the asset is being improved vs maintaining it to its initial condition and state. As part of our accounting service, we can correctly determine if the expenses are a deductible item or a capital improvement.
ANNUAL TAX RETURNS
At Property Accountants we will complete and file on your behalf your annual tax return with the IRD. Whether you own a single rental property, or a larger number of investment properties, you must submit an annual tax return.
We offer a fixed fee pricing structure, so you know clearly from the outset your accounting costs. We’ve streamlined our pricing. All of our fixed fee property rental plans come with; Xero, a face-to-face meeting with a review, plus your rental accounts, tax return and associated tax returns.
Note: As part of your compliance requirements, you need to keep a copy of all your financial records for 7 years. This includes your purchase and expense receipts, bank records, rent books, rental agreements plus much more.