It’s all ears on the on-line audio streaming from the budget in the Elevate CA office as I write this. Here are the highlights of today’s budget as they unfold.
Tax Working Group – Residential Rental Property
Last week’s report from the Tax Working Group makes some comments that are sure to be contentious. The Tax Working Group was established back in May to assist the Government in considering the key tax policy challenges facing New Zealand. Their latest report targets the $200 billion rental property industry, stating that it not only pays no tax, but is actually getting refunds when it might be contributing tax of more than $500 million a year. [Read more…]
Property Development
Tonight a contingent of professionals of different disciplines headed North from Whangarei to Kerikeri to discuss property development. This seminar was organised by Cato Bolam surveyors and held at the Kerikeri Sports Complex. It was a repeat of the successful session held in the Whangarei Cato Bolam offices back in April. The subject matter tonight included the latest issues in resource management, taxation, governance and the latest legal issues surrounding property development.
On the tonight’s panel was Dean Subritzky – Director of Elevate CA Chartered Accountants, Simon Reiher – Principal of Cato Bolam, Alistair Nicholls – valuer from Telfer Young and Roger Bell – Partner from Webb Ross.
Property Development
Thanks to the crew at Cato Bolam for inviting us to participate in the Property Development Seminar at their Whangarei premises yesterday. The session was well attended by land owners and property developers – and was a full house. Presentations included a panel discussion with Simon Reiher – Principal of Cato Bolam Whangarei, Alistair Nicholls – valuer from Telfer Young Northland, Roger Bell – Partner from Webb Ross and myself bringing an accountant’s perspective.
Subject matter included the latest issues in resource management, taxation, governance and legal issues surrounding property development.
A clear message emerging from the evening was that there is plenty that property developers who are currently holding land can do in the background to progress their projects – even if the projects don’t stack up for completion in today’s depressed environment.
Fraser Hurrell is one of three directors of Elevate CA Limited, Chartered Accountants & Business Advisors in Whangarei, New Zealand.