Market & Portfolio Update – September 2024
The US equity markets ended the month +0.1%, ending the quarter up +1.8%. During September, the US Federal Reserve followed many other central banks and cut interest rates. Growing confidence that inflation is heading to 2% has allowed many central banks to reduce interest rates in the past few months.
China cut interest rates and signalled that it would follow up with additional stimulus aimed at stabilising its property sector and spurring consumer spending. The Chinese share market and many global companies exposed to the Chinese economy rose after the stimulus announcement.
The New Zealand Stock Exchange (NZX) had a busy month with two large listed companies announcing substantial capital raises. Fletcher Building announced a $700 million equity raise to help manage its debt. Meanwhile, Auckland International Airport announced a $1.4 billion capital raise to support the construction of its new domestic jet terminal, making it the largest equity raise in NZX history.
You’re Missing Out on Tax Savings If You Haven’t Had a Chattels Valuation Done
We’ve been recommending chattels valuations from Valuit for over 20 years, and it still amazes us how many property investors haven’t had one completed.
If you own a rental property and your current accountant hasn’t discussed chattels valuations and depreciation with Valuit, there’s a very good chance you’re paying thousands of dollars more tax than you need to over the life of the property.
12 Common issues and mistakes we regularly see
We review many financial statements prepared by other accountants. Below are some recurring issues we frequently identify, many of which are also areas the IRD commonly focuses on.