IRD has released excellent news for landlords, that could save you $5000!
Due to Covid 19, the IRD is allowing you to claim an immediate tax deduction for assets costing less than $5000 if purchased between 17 March 2020 to 16 March 2021. This is particularly relevant to property owners who are upgrading heating in their properties.
You will be able to claim the expense in this current financial year, if it is up to $5000, rather than depreciating it over the life of the asset. The below table outlines this in more detail.
Interested to learn more? You can find more information on the IRD website here.