Show income you received from other New Zealand rental activities between 1 April 2019 and 31 March 2020 at Question 20.
Only include net residential rental income or losses not included at Question 19 and commercial rental income in Box 20B.
This includes rents from a New Zealand:
- bach or holiday home that comes within the mixed-use asset rules
- family home
- rental properties held on revenue account, such as part of a business dealing in land or building residences
- commercial rents.
Prepare a summary of the details for each rental property. You can use either:
If you prepare your own summary, Inland Revenue need the following details:
the address of the rented property
the number of months it was available for renting
total rents before expenses
rates
insurance
interest
agents’ collection fees
repairs and maintenance
depreciation and contents
total rents after expenses (your net rents).
These details are explained fully in the guide Rental income (IR 264).
Ongoing expenses
Claim ongoing expenses, such as rates, insurance and interest, in proportion to the number of months the property was available for renting. For example, if the property was available for 10 months, you can claim 10/12ths of these expenses.
Repairs and maintenance
You can claim property and plant repairs and maintenance but not additions or improvements—these may be depreciated. If your property has been classed as a leaky home please write to Inland Revenue, and include the circumstance of the leaky building, and the expense you wish to claim. Note that depreciation on most buildings is no longer claimable. This generally covers buildings with an estimated useful life of 50 years or more.
NRWT
Where interest is claimed as an expense and is paid to an overseas lender on a mortgage over land in New Zealand, it must have NRWT deducted and paid to Inland Revenue—unless the Malaysia or Singapore double tax agreements apply. See the NRWT payer’s guide (IR291) for more help.
What to show in your return
Add up the net rent (rent after expenses) and print the total in Box 19. Staple the IR3R or your summary to the top of page 3 of your IR3NR. Keep your receipts with your records in case Inland Revenue ask to see them later.
