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Our annual Spring Offer has gone live: if you refer a friend to us and we end up managing their property, you will get 3 months FREE property management in Auckland. If you have a friend for us to contact please drop us a line it’s that simple!

Walker Weir Property Management has been busy managing your property. Our hard work in managing property efficiently coupled with word of mouth has led to continued growth; our Greenlane head office no longer fits the bill so we are on the move to new premises in Newmarket. We’ll circulate our new details soon but all our phone lines, emails will remain the same.

in response to answering the call from our Landlords we are now offering to find properties. If you or anyone you know is looking at adding to your portfolio then we can help. We offer a full property finding service, but at the same time we are more than happy to offer advice on any potential rental. We’ve changed the ‘golden rule’ of property investment to LOCATION-LOCATION-WALKER WEIR

Just when you thought the rental warrant of witness had been and gone after Labour’s latest attempt at rental WOF legislation may had failed it is now back on the cards, The Green Party’s Residential Tenancies (Warm, Safe and Secure Rentals) Amendment Bill is still in the Parliamentary ballot.

Green Party co-leader Metiria Turei introduced the Bill back in August.

It would set minimum standards for warmth, dryness and safety in all rental properties, and also contains a host of changes to tenancy standards and regulations.

Now, new Green MP and housing spokesperson Marama Davidson has raised the issue again.

She said children are becoming seriously ill because the Government refuses to create minimum health and safety standards for rental homes and properly renovate state houses.

“Introducing minimum standards is the best way to fix our cold, mouldy, shoddy houses – the Government’s hands-off approach is only going to end up in more Kiwi kids getting sick.”

Davidson called for the Government to enact the Greens Bill.

However, the NZ Property Investors’ Federation believes that a rental WOF is not the best way to go.

NZPIF executive officer Andrew King said the Government was right to reject a comprehensive WOF for rental properties.

“It would affect all tenancies and increase rental prices, rather than concentrating on correcting the main aspect which leads to children becoming sick from their living situations.”

Only 7% of calls from tenants to the Tenancy Services call centre are about the condition of their property, so an all-encompassing WOF would be an expensive and poorly targeted proposal, he said.

“The Minister of Building and Housing’s focus on improving insulation levels in rental properties is likely to achieve more in terms of improving the living conditions of children.”

All tenanted properties will require floor and ceiling insulation by mid-2019, while social housing which receives government subsidies will require insulation by July 2016.

King, who has previously said the Green’s Bill is too restrictive for landlords, also said the NZPIF believes landlords are in a service industry.

“Providing a well maintained home is good customer service as well as being a legal requirement.

“But it's good that tenants are becoming more aware they have a right to expect a safe and well maintained home.”

 

News that matters

The "bright-line test" was passed into law this week, requiring property investors to pay tax on gains made on properties they bought and sold within two years.  But landlords have been warned by IRD that they will be watching, Revenue Minister Todd McClay said that did not mean investors who held a property for longer than two years would automatically be in the clear for tax purposes.

Investors are being warned not to expect to be able to dodge capital gains tax just by holding on to their properties longer than two years.

The "bright-line test" was passed into law yesterday, requiring property investors to pay tax on gains made on properties they bought and sold within two years.

Revenue Minister Todd McClay said it was an important tool ensure property speculators paid their fair share of tax.

The measures will require income tax to be paid on any gains from residential property purchased on or after October 1 this year and sold within two years.
The exceptions are an owner’s main home, inherited property, and the transfer of relationship property.

McClay said that did not mean investors who held a property for longer than two years would automatically be in the clear for tax purposes.

"We should be clear that the current ‘intention’ test will remain after the two year period. This means that when someone buys a property with the intention of making a profit they must pay income tax on that gain,” he said.

“The proposals in this bill, together with recently enacted rules requiring buyers and sellers of property to provide an IRD number, and non-residents to also provide the foreign equivalent of an IRD number and a New Zealand bank account number, will help Inland Revenue to better

November 29th, 2015
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