Living in the marina and TAX
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Join Date: Sep 2002
Location: Hong Kong
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Living in the marina and TAX
This was my first year in the DB marina. I understand that our boat mortgages do not attract TAX relief. What about berth rental? Has anyone found a way to offset that against tax?
Regards
D.B.er
Regards
D.B.er
Join Date: Oct 2006
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CX Housing Assistance - Tax
Tax relief on mortgage interest is only available when your property is a "rateable property"; i.e bricks and mortar, with valid government documentation for items such as the "land search", etc. Other forms of accommodation, such as your boat, do not get such breaks. As for the berthing fees, there is no tax relief.
The problem here is that your employer chooses to report your Housing Assistance as a "Cash Allowance". The IRD interpretation of that term is that you are "free to spend as you see fit". We all know that this is just not the case.
There are a number of CX employees (HKAOA and non-members) doing battle with the IRD on this issue, but it's quite a slow process. Presently the IRD is refusing to accept that the Housing Assistance provided by CX not a "Cash Allowance", because at every opportunity CX reinforces their desired position and says that it is a "Cash Allowance".
The problem here is that your employer chooses to report your Housing Assistance as a "Cash Allowance". The IRD interpretation of that term is that you are "free to spend as you see fit". We all know that this is just not the case.
There are a number of CX employees (HKAOA and non-members) doing battle with the IRD on this issue, but it's quite a slow process. Presently the IRD is refusing to accept that the Housing Assistance provided by CX not a "Cash Allowance", because at every opportunity CX reinforces their desired position and says that it is a "Cash Allowance".
