Coalition Government Delays Interest Deductability Phase-In
The Government has announced that interest deductibility on residential investment properties will be phased back in starting from April 2024. This means that affected taxpayers will now be able to claim 80% of their interest expenses from April 2024, with the deduction set to return to 100% from April 2025.
This decision backtracks on the coalition agreement, which initially proposed 60% deductibility from April 2023.
Associate Finance Minister David Seymour stated, “Landlords have been hit hard by rising mortgage interest rates and increasing interest deductibility limitations, especially during these times of economic strain. These costs often get transferred to tenants, contributing to the soaring rental prices in New Zealand.”
In light of this policy shift, should we be wondering if the Brightline changes will be "amended"?
It is worth noting that changes to banks' servicing tests are expected, which could have a significant impact on property investment financing.
For independent financial advice tailored to your family or business, reach out to adviceHQ.
#InterestRates #MortgageRates #nzpropertyinvestor #advicehq 🏠
Harbour Bridge lane closure - protests
The Treaty Principles Bill was introduced to parliament last week and could have ramifications on the partnership between the Crown and Māori.
Hīkoi mō te Tiriti (March for the Treaty of Waitangi) set off from Cape Rēinga on Monday morning and is expected to reach Wellington next Tuesday. It has now passed through Kaitaia, Kawakawa, Whangārei, Dargaville and is passing through Auckland on Wednesday.
What you need to know today:
- The hīkoi is due to cross the Auckland Harbour Bridge about 9.30am on Wednesday. Two northbound lanes will be closed at some point before the crossing, and remain closed during it.
- NZTA shared at 8:50am Wednesday:
'Curran St northbound on-ramp will be closed shortly, with two northbound lanes on the Harbour Bridge expected to close from approx 9.30am this morning. Allow extra time for likely delays through this area.'
- The hīkoi is expected to go across the Harbour Bridge, in a controlled fashion before marching through parts of the CBD towards Okahu Bay.
- Auckland commuters should expect traffic disruption in vicinity of both sides of the Harbour Bridge.
Stuff reporter Steve Kilgallon was at Stafford Park on the north side of the Harbour Bridge at 8.30am Wednesday and shared:
"I just walked through Stafford Park, where there’s about 400-500 people quietly assembled and more arriving; and about 20 police standing over near the motorway off ramp. Lot of Tino Rangatira flags in evidence, local streets very busy with parked cars."
Police have shared that they will respond accordingly to any issues that may arise along the route.
What's your favourite recipe for courgettes?
Kia ora neighbours. If you've got a family recipe for courgettes, we'd love to see it and maybe publish it in our magazine. Send your recipe to mailbox@nzgardener.co.nz, and if we use it in the mag, you will receive a free copy of our January 2025 issue.
Poll: Do you think NZ should ban social media for youth?
The Australian Prime Minister has expressed plans to ban social media use for children.
This would make it illegal for under 16-year-olds to have accounts on platforms including TikTok, Instagram, Facebook and X.
Social media platforms would be tasked with ensuring children have no access (under-age children and their parents wouldn’t be penalised for breaching the age limit)
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Do you think NZ should follow suit? Vote in our poll and share your thoughts below.
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85.1% Yes
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13.4% No
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1.5% Other - I'll share below
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