SearchClaiming losses against personal tax
Chris asks:
(updated on Tuesday, May 01st 2007)
Our Experts Answer:
The short answer is no. Some people have tried this, and Inland Revenue have ruled this as tax avoidance, which is a very significant offence and carries harsh penalties. The only expenses you can claim on your home are those expenses which relate to your home office, such as phone, electricity and interest on your home mortgage. And those expenses are taken based on your home office as a percentage of your total floor space.Kenina Court is a director of Acorn Solutions Limited, an accounting firm dedicated to working with clients to help them create wealth. She is an avid property investor, entrepreneur and seminar presenter on asset protection and wealth strategies.
Most Read
| Unity First Home Buyer special | 4.15 |
| SBS FirstHome Combo | 4.29 |
| ICBC | 4.49 |
| Kainga Ora | 4.59 |
| SBS Bank Special | 4.69 |
| AIA - Go Home Loans | 4.75 |
| Unity Special | 4.80 |
| China Construction Bank | 4.85 |
| Co-operative Bank - First Home Special | 4.89 |
| ASB Bank | 4.99 |
| ANZ Special | 4.99 |
| China Construction Bank | 4.95 |
| Kainga Ora | 4.95 |
| ICBC | 4.99 |
| SBS Bank Special | 5.29 |
| Unity Special | 5.29 |
| Westpac Special | 5.29 |
| Co-operative Bank - First Home Special | 5.29 |
| ANZ Special | 5.35 |
| BNZ - Std | 5.35 |
| TSB Special | 5.39 |
| Kiwibank Special | 5.39 |
| SBS Bank Special | 5.49 |
| ASB Bank | 5.59 |
| AIA - Go Home Loans | 5.59 |
| ICBC | 5.65 |
| Kainga Ora | 5.69 |
| BNZ - Std | 5.75 |
| Westpac Special | 5.75 |
| Co-operative Bank - First Home Special | 5.89 |
| Kiwibank Special | 5.89 |
| TSB Special | 5.99 |
| China Construction Bank | 5.99 |
| SBS FirstHome Combo | 3.29 |
| AIA - Back My Build | 3.34 |
| SBS Construction lending for FHB | 3.79 |
| CFML 321 Loans | 4.20 |
| ICBC | 5.39 |
| Co-operative Bank - Standard | 5.69 |
| Co-operative Bank - Owner Occ | 5.69 |
| Kainga Ora | 5.79 |
| Pepper Money Prime | 5.99 |
| Unity Standard | 6.04 |
| Unity Special | 6.04 |
