New Zealand Property Investors' Federation

The NZPIF is the umbrella body for 17 local Property Investors' Associations throughout New Zealand.

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31-10-2008

POLITICAL & REGULATORY REPORT for OCTOBER 2008

  1. News
  2. 2008
  3. October

This month’s report turns its focus on the main party’s property policy, the post-election legislation program and political priorities for the Federation.

 

PROPERTY POLICY

The following table highlights the major political party’s policy on landlord and investment/rental property.

 

Selected

Policy Area

Labour

National

Greens

Maoris

Capital Gains Tax

 

Opposed

Opposed

Would introduce

Would support

LAQCs

 

Would introduce restrictions

 

Would retain existing tax rules

Would introduce restrictions

 

Would introduce restrictions

 

Ring fencing tax losses

 

Would support restrictions

Would retain existing tax rules

 

Would support restrictions

Would support restrictions

Accommodation supplement

 

Would review

Would maintain

Would review

 

Residential Tenancies Act

 

Tenant damages

 

 

To limit tenants' liability for damage

equivalent of 4 weeks rent

Ensure that responsibility for repairing damage to rental properties lies with the person who did the damage

 

 

To limit tenants' liability for damage

equivalent of 4 weeks rent

 

 

 

PROGRESS OF PROPERTY LEGISLATION

When Parliament resumes after the election its legislative business program is likely to include draft legislation held over from the previous session.

 

Bills of interest to the Federation, to be dealt with by the new Parliament, will include progress on the:

  • Residential Tenancies Amendment Bill

·         Unit Titles Amendment Bill

 

Also to be dealt with in a new Parliament are the Select Committee inquiries and reports including the:

·         Inquiry into housing affordability in New Zealand and

·         Inquiry into the future monetary policy framework (see below)

 

IMPLICATIONS FOR THE FEDERATION

Regardless of the make up of the next Government the Federation faces a number of post-election challenges and opportunities.

 

The Federation must adapt early to the change. Specific actions will include:

 

  • Identifying a list of key Government stakeholders
  • Utilising existing relationships or establishing new long term contacts with relevant Government Ministers, Select Committee personnel, opposition spokespersons and officials
  • Engaging with officials on key policy/regulatory areas and getting change
  • Maintaining an active and ongoing presence in Wellington
  • Proactive and timely response to various other regulatory risks and developments

 

A further focus will be to ensure the new Minister of Housing re-looks at amendments to the Residential Tenancy Act and rebalances the bill in areas such as ensuring that the cost of property damage is not passed on to landlords when they have no control over the day-to-day activity in a house or over who visits.

 

Additionally there will be a need to ensure that the status quo on capital gains tax and deduction provisions for those whose rental property runs at a loss are retained.

END

 

Tags: political report