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Thread: Buying a property with rental potential

  1. #1
    spid's Avatar
    spid is offline Junior Member
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    Jan 2008

    Question Buying a property with rental potential

    Here's one for you guru's out there. This is a question that has just popped into my mind. If we bought a property that had potential for rental income with it ? is that allowable for immigrants and what are the tax consequences?

  2. #2
    Taffy's Avatar
    Taffy is offline He who shall be ignored
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    May 2004
    Hamilton, NZ
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    If you have permanent residency, then it's not a problem. Renting a house or a unit with a house would be classed as income, so you would be responsible for paying the appropriate tax. There's many different methods or channeling how you deal with rental funds, so it's really best if you speak to an accountant before thinking about it. But apart from how you wish to deal with the financial aspect, having rental property is fine.

    The greatest mistake you can make in life is to be continually fearing you will make one.

  3. #3
    MotherBear's Avatar
    MotherBear is offline The missing link
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    currently Ras al Khaimah, UAE, ex Wales, UK
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    Going one step further, I don't know whether you'll find anything of interest on this government housing site . There's a section about renting properties so you'll know what to expect.
    Mother Bear

    Try to bloom wherever you are planted.

  4. #4
    Ginabridget's Avatar
    Ginabridget is offline Senior Member
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    Oct 2007
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    I've been told that there's no capital gains tax in NZ which is great, although apparently they are considering changing this.
    26 January 2008 - House under offer, we're getting closer
    Feb 08 - our sale has fallen through
    19 March 08 - accepted another offer on the house
    Booked tickets, will arrive in NZ 4 July 2008
    Currently enjoying the 'weather bomb' in Northland July 08
    Anticipating a move to Auckland in the next few weeks - November 08


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