Wealth Buy Property on 2010 Tax Changes

There never seems to be any shortage of items to write about. Three months in our business never goes without incident or change. We, at Wealth Buy Property, got over the negatives of unscrupulous companies selling houses and apartments, then the recession last year.

This year we have the uncertainty of tax changes. Until May, we will not know for sure what will transpire.

Meanwhile Wealth Buy Property have our own opinions of what we think will happen. My personal opinion is the Government will do something to put money into their deleted tax account, also try and stop another boom in the property sector.

New Zealand already has a robust tax on a number of property transaction involving speculation and in 2007. Inland Revenue increased investigations in this area. Unfortunately for us investors the Government is in dire need of more income, (Just like you and I).

Last year the Crown gave away $2 billion worth of tax refunds to companies, whereas the previous year it was $1 billion approx. On top of this personal tax refunds were up 15%. This year after a recession refunds are expected to be even higher, hence the need for the Government to be proactive and be seen to try and stem the outflow of monies.

Wealth Buy Property Says Not All Is Doom and Gloom for Investors

Not all is doom and gloom for investors though. A little less depreciation allowed means less to pay back when selling potentially. Also if tax rates drop we will have more after tax pay to help towards the shortfall.

Finally I think these or any changes will spark the long overdue rise in rents. When rents rise and tenants cannot afford the weekly outgoing what then?

Housing New Zealand and other Government agencies will be under even more pressure to supply Housing or more subsidises than they currently are.

I do not have all the answers but I do know that property investors like you and Wealth Buy Property are supplying New Zealand with quality affordable homes to raise their families in.

On a brighter note the Wealth Buy Property Mavora Mews subdivision has now got titles issued and 50% of the houses are completed.

The 52 McQuarrie Street subdivision has also got titles and 50% of these houses have settled and the other 50% are under construction. Brown Street is another relatively new subdivision where all earthworks/drainage etc is completed and the houses have started to be built.

The largest of our subdivision 262 McQuarrie has stage one houses well underway as are earthworks and drainage. Most of our properties under construction can be viewed on two websites www.wbpgroup.co.nz and www.progressreport.co.nz

If you have any questions or queries please feel free to call our Administration Manager Josie on 09 477-0151, or just pop into the Wealth Buy Property offices for a coffee and a chat.

Wealth Buy Property Perspective On Property Rental Business
Wealth Buy Property