Interest deductibility on property investments is 60% this year
At the time of writing, the coalition government has agreed to speed up the return of interest deductibility for property investors, with the phased-in changes taking effect in the current financial year.
As a result, legislation is expected to be passed allowing you to deduct 60% of your interest expenses on property investments in the year to 31 March 2024.
Deductibility will rise to 80% of interest costs in the 2024-2025 financial year, with a return to 100% deductibility in 2025-2026.
Have a chat with us to ensure you’ve accounted for 60% deductibility this tax year.
Need property investment tax assistance? Contact Alliott NZ's team of Chartered Accountants and Business Advisors in Auckland on 09 520 9200.
