A Valuer's Take on tax Changes
The changes to the taxation system brought to light in the May Budget announcement have been well documented over the past couple of months. Due to have the most impact on property markets are:
- Depreciation removed from buildings with an economic life greater than fifty years
- Goods and Services Tax (GST) to increase to fifteen percent
- Cuts to personal taxation rates
Many are now asking how these changes have affected the residential property market to date, and what will occur after they come into affect later this year.
This article is published courtesy of QV – for more information on the NZ Property market from QV click here.
Posted: 22 Aug 2010
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