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Details

Service: Tax
Type: Business and industry issue
Date: 12/07/2012

Contact us

Murray Sarelius

Partner, Tax

+64 9 363 3458

mvsarelius@kpmg.co.nz

Darshana Elwela

National Tax Director

+64 9 367 5940

delwela@kpmg.co.nz

Tax

Our tax advisory team has the skills and commitment to help you to be competitive and compliant in all areas of business tax.

Taxmail - Kiwi bach: new tax rules for mixed-use assets

Issue 1, July 2012

In the 2012 Budget, the Government confirmed it would tighten the rules for taking deductions on assets used privately and to generate income (“mixed-use assets”). At the time, the details were sketchy.

However, a statement by Revenue Minister Peter Dunne (PDF: 1MB) sheds more light on the proposals. Interestingly, the proposals include the intention to ring fence losses if the asset does not generate enough income.

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Taxmail - Mixed-use asset rules [PDF: 200KB]

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Taxmail discusses the proposed mixed-use asset rules, including the impact of the proposed loss ring-fencing, which is targeted at those mixed-use assets with low levels of income.

This is an indication perhaps that these are considered to be essentially private assets, rather than signalling the wholesale return of loss ring-fencing.

Taxmail - Comment on topical tax issues from KPMG NZ Tax.

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