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If you get money from renting out your house, a room, a caravan or a sleep-out for any time at all - it's income

 

This means you must file a tax return as you may have tax to pay - you may even get a refund. It depends on your other income (e.g salary or wages) and how much tax you've paid in the year.

Getting your taxes right is easy. Here’s what you need to know:

  • you must include the income on an Individual tax return (IR3). 

  • you can claim expenses for the time you rented out the space - such as rates, insurance, cleaning and advertising

  • keep clear records to confirm all income and expenses.

About tax residency and status

 

New Zealand residents are taxed on their "worldwide income", that is income from New Zealand as well as from other countries. For example, a New Zealand resident individual that receives interest income from the United Kingdom will be taxed on that income in New Zealand as well as the United Kingdom. However, generally New Zealand will give a foreign tax credit for any foreign tax paid

 

Note

Your worldwide income includes any income that you derive in a foreign country even if you do not bring the money into New Zealand.

 

 

Your worldwide income could include the following:

 

For Further information, you can schedule one-hour free consultation 

 

If you reckon cash jobs don’t leave a trail, think again

 

The main message in the latest marketing campaign to target tax crime in the building sector has raised a few eyebrows.

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Inland Revenue has been warning in a series of radio ads and billboards over the past few weeks that “every undeclared cash job leaves a trail”.

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Investigations and Advice Manager Tony Morris says this claim has been met with a few unbelieving responses on social media and in some smoko rooms around the country.

“I want to reassure people that the message is 100% true.

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“Typically, with cash you have to spend it some time. So whether it goes on travel, living expenses, a new skill saw, gambling, the mortgage or anything else – we can find it.”

Clearwater Accountants

Suite 5, 149 Great South Rd

Manurewa, Auckland 2102

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M: 022 096 2760

E:  amardeep@cwat.co.nz

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