TDS 23/14 Omitted income, shortfall penalties
IS 23/10 FS Deductibility of holding costs for land
If you own a foreign residential rental property, you may need to pay tax on the rental income in both New Zealand and in the country where the property is located.
This overview sets out guidance provided by the Commissioner, which may help you to identify your tax obligations.
The Commissioner issues different types of guidance items to cater for different customer needs. The different types of items are explained here.
“Short-stay accommodation” (also known as “short-term accommodation) is accommodation provided to a guest for up to four consecutive weeks, in a home that is not the guest’s ordinary residence. This accommodation is often provided through peer-to-peer platforms such as Airbnb or Bookabach.
“Short-stay accommodation” does not include:
- Accommodation provided to residential tenants, boarders, or care home residents
- Student accommodation
- Emergency accommodation
The Commissioner has published several items on short-stay accommodation. This overview sets out these items and provides guidance on tax obligations if you provide short-stay accommodation to guests.
|PUB00443||Foreign investment fund (FIF) calculation methods in cases of non-compliance||07 December 2023|
|PUB00427||When is a subdivision project a “taxable activity” for GST purposes?||18 December 2023|
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Closing 7 December 2023
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