{"id":8674,"date":"2019-01-25T12:03:42","date_gmt":"2019-01-25T12:03:42","guid":{"rendered":"http:\/\/williambuck1.wpenginepowered.com\/nz\/?page_id=8674"},"modified":"2024-11-12T22:24:03","modified_gmt":"2024-11-12T09:24:03","slug":"interest-paid","status":"publish","type":"page","link":"https:\/\/williambuck.com\/nz\/tax-facts\/interest-paid\/","title":{"rendered":"Interest Paid"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Interest is deductible if it is incurred:<\/p>\n<ul>\n<li>In order to create gross income<\/li>\n<li>For the carrying on of a business for generating gross income; or<\/li>\n<li>To buy shares by one company in a group of companies<\/li>\n<li>If incurred by a company (except qualifying companies)<\/li>\n<\/ul>\n<p>Interest is only deductible when the borrowed funds are used to generate gross income (except for companies which are not qualifying companies where the interest is deductible in full). This only requires the expectation of income, e.g. when money is borrowed to buy shares, in the expectation of receiving dividends and dividends are not forthcoming, the interest is still deductible.<\/p>\n<p>Deductibility of interest is also allowed when there is a loss for the year, e.g. rental properties.<\/p>\n<p>If interest is incurred on a taxpayer\u2019s home where the home is also used for business related activities, then interest incurred can be claimed as a home office expense.<br style=\"box-sizing: border-box; color: #8b8e90; font-family: Helvetica, Arial, sans-serif;\" \/><br style=\"box-sizing: border-box; color: #8b8e90; font-family: Helvetica, Arial, sans-serif;\" \/><\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 22px; font-family: Helvetica, Arial, sans-serif; vertical-align: baseline; color: #8b8e90; text-align: right;\"><a style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; vertical-align: baseline; color: #0067b1; background: 0px 0px; transition: color 0.8s ease 0s, background-color 0.8s ease 0s; outline: 0px !important;\" href=\"\/nz\/tax-facts\/\">Back to Tax Facts<\/a><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Interest is deductible if it is incurred: In order to create gross income For the carrying on of a business for generating gross income; or To buy shares by one company in a group of companies If incurred by a company (except qualifying companies) Interest is only deductible when the borrowed funds are used to [&hellip;]<\/p>\n","protected":false},"author":66,"featured_media":8694,"parent":8637,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-8674","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interest Paid - William Buck New Zealand<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/williambuck.com\/nz\/tax-facts\/interest-paid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interest Paid - William Buck New Zealand\" \/>\n<meta property=\"og:description\" content=\"[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Interest is deductible if it is incurred: In order to create gross income For the carrying on of a business for generating gross income; 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