Law changes for landlords

As of 1^st July 2016 the government brought into effect the new law changes for rental properties. 

Landlords are responsible for ensuring a minimum of one smoke alarm installed within 3 metres of each bedroom door or on each level of a multi-level home.  If you have rented out a self-contained sleep out or caravan, this also will require the installation of a working smoke alarm. 

Tenants will also have responsibilities, they must ensure that the smoke alarm is working and notify their landlord if there are any problems as soon as possible. 

Landlords failing to comply with the new law and provide a rental property with a working smoke alarm could result in a $4,000 fine and give the government powers to prosecute.

Replacement smoke alarms installed after 1^st July 2016 will need to have long life batteries and a photoelectric sensor as part of the new requirements.  But it doesn't just end there for landlords… rental properties must be insulated by July 2019 under The Residential Tenancies Act. 

This will mean installing insulation in ceilings and underfloor insulation for any suspended timber subfloors houses. 

So does this mean as a landlord I can claim a tax deduction for this?  This depends if it is replacement insulation or new… but there are exceptions to the rule.

Want to know more about how to treat this expense in your tenanted property?  Please give us a call 03 578 3386 or email us support@tva.co.nz - we can help.