If you make an income from renting out land or property, or if you have private boarders or flatmates who pay you as their master tenant, it can affect how much income upon which you will be taxed. 

As you are earning additional income through property ownership, you must declare this source of income as you would a second job. 

As a landlord or if property ownership is your main source of income, you can deduct a number of expenses (such as upkeep costs). You may also be charged a capital gains tax if the IRD believe you make a living solely on the buying and trading of properties. 

If you are wanting to claim business expenses for your rental property, please see Rental Property Expenses

As always, feel free to contact accounts@hnry.co.nz if you have any further questions. 

Did this answer your question?