Edmonds Judd

landlord

The oven doesn’t work – what to do?

Nothing is worse than planning a celebratory dinner in your new home and finding the oven doesn’t work. How can you ensure this doesn’t happen?

The last thing you think about when making an offer for a property is the condition of the chattels (like the oven). These are listed in the agreement and are often breezed over. When the oven doesn’t work when you go to use it, there isn’t much that can be done if you haven’t thought about it when you signed the agreement.

Angry young woman, blowing steam coming out of ears

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Every day more Kiwis are learning that they have been living in methamphetamine (P)-contaminated properties. Discovering you have purchased a contaminated property can be financially, mentally and physically devastating for you and your family. This article looks at P-testing and the risks if you suspect the property is P-contaminated and nothing is done.

When purchasing a property there is a lot you should consider. Purchasers are usually advised to include a builder’s report, Land Information Memorandum (LIM), obtaining finance and insurance on the agreement’s standard conditions. Many purchasers overlook the possible need for P-testing when buying a property. Since 2002 the use of P has skyrocketed, and it’s not wise to presume that properties in well-respected areas are safe. P-users come from many different walks of life.

pcontamination

Properties where P has been produced or regularly used are exposed to numerous chemicals which are absorbed by different surfaces and structural features. P-contamination within properties is rarely visible and it can cost huge sums to decontaminate.

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Proposed business tax changes

In April, the government announced a package of proposals to simplify business tax, many of which will benefit small and medium-sized businesses. Some of the key tax proposals include:

  • A new pay-as-you-go option for paying provisional tax for small businesses with less than $5 million annual turnover. This will give small businesses an alternative to the current system which requires three annual provisional tax payments. To take advantage of the proposal, businesses will need to use a cloud-based accounting system, such as Xero, linked to the Inland Revenue.
  • Changes to the ‘use-of-money interest’ rules that govern the interest paid to taxpayers for overpayment of tax and interest charged for underpayment. The practical effect is that the changes will eliminate or reduce use-of-money interest for most taxpayers.
  • Contractors will be able to elect their own withholding tax rate to better reflect their circumstances and reduce the impact of provisional tax.
  • Certain penalties will be removed, including the current 1% monthly penalty for new debt. However, immediate penalties and interest charges for late payments will still apply.

taxchanges

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Easements: You want to do what on my land?

A property owner‘s home is their castle. There are many ways, however, in which the rule of your domain can be reined in. Here, we discuss easements and what the implications are for you as a landowner granting an easement over your property.

easements

An easement is the grant to another person of the right to use your land. Such right of use is usually granted to an adjoining property owner and is limited to a certain area, and the purpose for which it can be used is rigorously defined.

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Latest Rural eSpeaking

cow3Here we publish the March 2011 issue of Rural eSpeaking; we hope you enjoy reading it. If you would like to talk further about any rural issues, please don’t hesitate to contact us.

In this Autumn edition, you can read articles on:

· Personal Property Securities Act: Grappling with section 53 in a livestock purchase

· Leasing the Farm: Can be a practical solution

· Over the Fence: New minimum wage rates – Sharemilking Arrangements: 2011-2-12 season – Public Holidays: Easter 2011 – GST zero-rating land transactions

The next issue of Rural eSpeaking will be published in July.


iStock Landlord Tenant Law 1As of 1 October 2010, changes to the Residential Tenancies Act 1986 (“the Act”) have come into effect. If you are a landlord or tenant these changes will affect your obligations and responsibilities in respect of residential tenancies.

In recent years we have seen the demand for rental properties grow. As a result, the rental property market has become increasingly important as has the demand to meet the needs of those who choose, or need, to rent housing.

Changes to the Act have been aimed to better meet the needs of both landlords and tenants in today’s rental property market. It became apparent that the former legislation governing residential tenancies was in need of review and amending to provide adequate provision for good quality, stable rental housing in New Zealand.

Some of the key changes to the Act include:

  • Letting Fees
  • Fixed Term & Short Term Tenancies
  • Address for Service
  • Landlord to appoint Agent if overseas
  • Body Corporate Rules
  • Notices to Remedy
  • Unlawful Acts
  • Abandoned Goods
  • Boarding Houses

Also available are forms for new tenancies, FAQs and Property manager Toolkits

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