All Topics / Legal & Accounting / Special Levies offset against Capital Gain

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  • Profile photo of AsiababyAsiababy
    Participant
    @asiababy
    Join Date: 2004
    Post Count: 7
    November 6, 2004 - 2:43 am

    I have a complany title apartment I am thinking of selling. The company has been raising special levies for a waterproofing and repaint of the building and these have been quite substantial. I am wondering if I can offset these against any capital gain upon sale?
    A

    Asiababy

    Profile photo of masteraccountantsmasteraccountants
    Member
    @masteraccountants
    Join Date: 2004
    Post Count: 77
    November 10, 2004 - 5:50 am

    Hi,

    If you are renting out the apartment – it is an IP in other words – you can claim the levies against your tax. They are current expenditure not capital expenditure, so are claimable against the rental income each year.

    If you live in the apartment, you won’t pay CGT as it is your principal place of residence.

    So why wait for CGT time to claim the levies? You can claim a tax refund if the expenses are more than the income. So grab the tax benefit now rather than waiting.

    Christopher Raynal
    Master Accountants Group Limited
    PO Box 46018 Herne Bay
    Auckland New Zealand
    Ph +64 9 360 3259
    Fax +64 9 360 2180
    http://www.masteraccountants.co.nz

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