Otago Property Investors Association Inc
Phone: 03 477 6220
In essence, the Bill repeals and replaces the original 1972 legislation to provide a new legal framework for the joint ownership and management of land, buildings and facilities by individual owners.
For the Federation, key reforms proposed in the bill include:
The Bill, largely technical in nature and therefore likely to be non-controversial, has been referred to the Social Services Committee Select Committee for examination. Written submissions close 24 April. The Committee is required to presents its report to Parliament by 4 September.
[The Committee has a National Party majority and it’s members are: Chester Burrows, Sue Bradford, Jo Goodhew (Chair - National), Annette King, Tim Macindoe, Todd McClay, Rajen Prasad, Katrina Shanks (Deputy Chair – National), William Sio].
MINISTERIAL BREIFING – Hon Phil Heatley
The Federation met and briefed the Housing Minister, the Hon Phil Heatley on 3 March in Wellington.
In a free and frank exchange the Minister outlined the several key changes he proposed in a reworked Residential Tenancies Amendment Bill.
The changes included:
The Minister indicated that a replacement bill would be introduced to Parliament by the middle of this year.
RTAB - Targeted Consultation
The Federation was invited to input into the Department of Building and Housing’s targeted consultation on the Residential Tenancies Amendment Bill and attended a meeting in Wellington on 19 March.
The Federation formally responded to the targeted discussion paper offering written comment on five major changes:
PROPERTY MANAGERS REVIEW – Closed
Written submissions to the Ministry of Justice review of property managers closed on 16 March. It will be recalled that during the passage of the Real Estate Agents Act 2008 concerns, including misappropriation of rent monies, were raised about property managers, hence the review.
The MoJ hopes to complete the review and pass any resulting legislation before November 2009 so that it comes into effect at the same time as the new REA Act.
TAXATION BILL - Associated persons
The Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill, introduced last July is currently under consideration by Parliament’s Finance and Expenditure Committee.
Of interest to the Federation are the proposed changes to the “associated person” rules.
Revenue Minister Peter Dunne has recommended to the Committee that there be a one-year deferment, to the 2010-11 income year, except for the land provisions, which would be deferred from 1 April 2009 to the date of enactment.
The tax bill is not expected to pass into law before August.
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