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Budget Day – 20 May 2010

By Liam O'Boyle

We are looking forward to Budget Day on 20 May 2010 to bring an end to speculation on taxation treatment of Residential Rental Property.  There has been a clear indication that building depreciation as a tax benefit will cease, and some question in offset of losses against other income. 

There are some excellent signs that the economy is improving, trade surplus, driven by diary prices with increased payout to farmers, polls on unemployment figures suggest a reducing percentage.

Current net migration will add an additional $22,500 people to New Zealand’s population in the next 12 months. 

Residential building consents fell for the 3rd month out of 4, according to Statistics NZ, with March consents falling 0.4%. 

Combine these 2 factors and demand for Residential Rentals must increase.

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