BRIEFLY 11 Nov 2020

Child support Bill

As new proposed child support legislation is just a Bill, so not yet law and can be changed, we make only a few comments:

The late payment penalty system is to become less harsh

Reassessment of child support will occur only once every four years

Income will include interest and dividends, and losses carried forward will be ignored.

Air BnB and GST

Covid-19 has caused some people who were supplying Air B&B accommodation to switch to renting out their property. This is a switch from commercial renting to residential renting. GST applies to commercial renting for those who hit the $60,000 threshold for GST registration. If you switch your commercial rental, such as Air B&B, to residential renting you need to pay Inland Revenue GST on the value of the property, if the residential renting goes on for 12 months or more. This time has now been extended to 18 months provided the switch to residential renting occurs between 14 February 2020 and 31 October 2020.

Mortgage deferral

The six months mortgage holiday was set to end on 27 September 2020 and has been extended to 31 March 2021.

Unfortunately, interest continues to accrue on the debt so it is not necessarily a good idea to take advantage of the extended time.

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