How did you fare in tonight’s Property Quiz?
Well done to everybody who participated in tonight’s Property Smartie Pants competition and congratulations to Eric Chou for being the ultimate winner!
Here are the answers to the questions:
1. What does LTC stand for?
Look Through Company
2. What is the current NZ Company Tax Rate?
3. What is the current top individual tax rate in NZ?
4. How many days notice do you have to give a tenant for rent increase?
5. What is the highest amount payable by a landlord for an unlawful act?
6. What period did the Reserve Bank Governor, Dr. Graeme Wheeler, rule out OCR increase for?
All of 2013
7. What is the final date for submissions on the draft Unitary Plan to the Auckland Council?
31st May 2013
8. How much did the Auckland median house price increase between February 2012 and February 2013?
9. You have just purchased a property for $300,000. The rental income is $400 per week. Your APIA membership gets you a discounted home loan rate with the ANZ @ 5.5%. Rates are $1,200 p.a., insurance is $650 p.a., your budget for repair and maintenance is $780 p.a., and the property management fee is set at 7.5% plus GST (which is $1,794 p.a.). Assuming you have 2 weeks vacancy per year:
What is the gross return of this property?
10. What is the net return of the property in Q.9?