New Zealand restores mortgage interest deductions for investment properties, starting April 2024, to ease rent pressure and simplify tax code.

New Zealand's government approves the restoration of mortgage interest deductions for residential investment properties, starting from April 1, 2024. The effort aims to ease pressure on rents and simplify the tax code, benefiting landlords and renters. The deductibility will be phased back in, with affected taxpayers able to claim 80% of their interest expenses from April 1, 2024, and 100% from April 1, 2025.