This newsletter provides detailed information about your tax return(s) for 2015. We answer questions about postponements, how to send what information, rates, deductions and our tips for the proper provision of your relevant documents. Because a smart approach to filing your returns can be a quick way to save money!
Please read this newsletter carefully and make sure to send us all the necessary and accurate information for your tax returns on time and in full. Then you can leave it up to us to make sure that your financial matters for this year will also be properly taken care of.
Simplification of the notification requirement concerning primary residence debt with parties other than designated entities with a record-keeping requirement
For the purchase of a residence, money is often borrowed from family members or from one’s own company. For taxpayers with a primary residence loan obtained from parties other than entities held to the record-keeping obligation (such as banks), a notification requirement applies. As of 2016, the procedure for providing information about such debts has been simplified. Until 2016, this information was provided by means of a separate standard form. Starting from 2016, the information is requested by means of the income tax return.
Mitigated penalty in the event of repayment arrears primary residence debt
As of 2013, new primary residence loans are subject to an annuity repayment obligation. In certain cases, such as payment arrears, there is a temporary grace period. If the payment arrears have not been settled within the defined term, the debt that the late payment concerns is permanently transferred to box 3, so that the interest is no longer deductible. This also applies to any newly acquired loans. The penalty has been adapted, retrospectively through to January 1, 2013. The amended penalty is as follows. If insufficient repayment has taken place within the set period, the debt will still be transferred to box 3, but this is no longer a permanent sanction. As soon as the debt once again meets the requirements of the primary residence debt, the debt is returned to box 1, and as of that moment the interest will become deductible