The Coalition Government has decided to phase in interest deductibility for landlords more slowly than promised in the National–Act coalition agreement. Act Party leader David Seymour and Revenue Minister Simon Watts announced interest deductibility for rental properties would be phased in from the start of April 2024. The Government’s restoration of interest deductibility will ease pressure on rents and simplify the tax code,” it said. “Landlords have been hit with a double whammy of rising mortgage interest rates and increasing interest deductibility limitations during a cost-of-living crisis. The Act Party leader said bringing in the 60% mortgage interest deductibility for the current tax year was not worth the work required.

Source: Stuff March 10, 2024 11:16 UTC