11 minute read
Interview with Dame Lisa Carrington
Dame Lisa Carrington
- lifestyle on the Shore
Dame Lisa Carrington. Photo credit: Under Armour NZ/ Jo Caird.
Already honoured with the title MNZM (Member of the New Zealand Order of Merit), Forrest Hill resident Lisa Carrington was honoured with a DNZM (Dame Companion of the New Zealand Order of Merit) for her services to canoe racing in the 2022 New Year’s Honours.
Lisa is New Zealand's most successful Olympian, having won a staggering six Olympic medals (five gold, one bronze). She won her first Olympic gold at London 2012 in the K1 200. At Rio in 2016 she claimed the K1 200m title, and also snared K1 500m bronze to become the first double female medallist from New Zealand at a single Olympic Games.
The Tokyo Olympic Games in 2021 were Lisa's third Olympic appearance. She competed in the four boats, winning gold in the K1 200 and 500, and gold alongside teammate Caitlin Regal in the K2 500.
On the World Championship stage, Lisa has won ten world championship golds – including seven successive K1 200m titles - and a total medal haul of 17.
Raised in Ohope Beach, she is a four-time winner of the Sportswoman of the Year award at the Halberg Awards. In 2016 she claimed the Halberg Supreme Award and in 2021 was presented the honour of Halberg Sportswoman of the Decade. She was also judged as the most influential Maori sports personality of the past 30 years.
Christine Young invited her to share her thoughts about life on the Shore..
Channel Magazine: You live on the Shore now, but you’re not originally from here. Please tell us about your journey from Tauranga and Ohope to the Shore and why you chose to live here?
Dame Lisa: I’ve lived on the North Shore for over 12 years now and while Ohope will always be ‘home’, the Shore is very much where I live now. I love it.
CM: How important are the training facilities you use here – where are they, and what is your Shore-based training regime?
DL: I paddle on Lake Pupuke most days; it’s definitely where I spend most of my time on the water. All my other training facilities – such as my gym, physio, pilates studio etc – are located on the Shore as well.
CM: Do you have training partners here? How do you motivate yourself to get out on the water (presumably on a daily basis?) especially when it’s windy?
DL: Yes, I train with the high-performance squad. We train in all conditions and just adapt as we need to with the weather.
CM: You were once potentially a professional netballer and also had success in surf ski competitions. What led you to commit to canoe racing?
DL: I originally took up kayaking in the surf life saving off-season (to help with my surf ski paddling). However, I really enjoyed it and decided to make it my primary sport when I was 17 years old.
CM: What do you like best about living on the Shore?
DL: We have a great lifestyle on the Shore – lovely beaches, good cafēs and easy access to lots of open space.
CM: Knowing you have a rather gorgeous dog – what are the best places for dog walking on the Shore?
DL: Colin really enjoys the coastal tracks around the East Coast Bays.
CM: What’s your:
• Favourite beach on the Shore? Campbells Bay would have to be my favourite. • Favourite Shore restaurant or cafē? Coffee Lab in Wairau Valley • Favourite time-off thing to do on the Shore? Explore different tracks and trails with my dog, Colin.
DABS - What is depreciation and why claim it?
Sean Parsons, one of the Directors at DABS is a chartered accountant with many years’ experience. Channel talks to Sean about his insights to depreciation and the benefits of claiming it.
Channel Magazine: What exactly is depreciation?
Sean Parsons: I am frequently asked in my job as a chartered accountant and as a director of DABS Consulting Ltd – what is depreciation and why is it beneficial to claim it for commercial property landlords? The term depreciation refers to an accounting method used to allocate the cost of an asset over its useful life. Depreciation represents how much of an asset’s value has been used. It recognises that the typical asset used in a business has a finite life and that property owners are entitled to a tax deduction against rental income to recognise that expense.
CM: What kind of charge is depreciation?
SP: Depreciation is considered a non-cash charge because it doesn’t represent an actual cash outflow. The entire cash outlay is paid initially when an asset is purchased, but the expense is recorded incrementally for financial reporting purposes. This is because assets provide a benefit to the owner over a lengthy period of time, but the depreciation charges still reduce taxable earnings.
CM: How do you assess depreciation, and why?
SP: At DABS Consulting our policy when we purchase a commercial property is to engage an independent registered valuer to assess a separate value for the various components of the building. The valuation report provides a comprehensive schedule of assets with their cost split out between those that are integral to the fabric of the building, such as the structure, and those that can be separately replaced or removed such as awnings or roller doors. The reason we do this is to maximise the after-tax cash return for our investors. For example, where a depreciation claim is made of $100,000, for a taxpayer on the 33% tax rate that represents a cash saving of $33,000 in their annual tax bill.
CM: What depreciation rates do you use?
SP: We adopt Inland Revenue’s standard published depreciation rates as our accounting depreciation rates. In our view they are a fair benchmark for actual wear and tear. Where an asset reaches the end of its useful life and is replaced, the remaining book value of that asset may be able to be written off as a loss on disposal and a deduction claimed.
CM: Has the Covid pandemic had any effects on depreciation?
SP: From 1 April 2020, that is for the 2021 and subsequent financial years, as a Covid relief measure, the Government once again allowed depreciation to be claimed on commercial building structures. It was the case until 31 March 2011 that buildings could be depreciated so the re-introduction of this has provided welcome relief for many landlords.
CM: Are there any negative aspects to claiming for depreciation?
SP: Sometimes an unwelcome consequence of claiming depreciation on buildings may arise where the property is sold and the building structure is deemed to have been disposed for a value higher than its depreciated book value. In this event depreciation recovery income arises for the vendor. This income is the difference between the portion of the sale price allocated to the building structure and the book value. Sean Parsons, Director at DABS. This is income to the vendor in the year of sale. We are sometimes asked why would we depreciate a building when the odds are that it will continue to appreciate in value and this depreciation tax benefit will have to be paid back to Inland Revenue? Our answer is, at DABS we manage the properties for our investors with a view to long term ownership. There is a material benefit for the investors in them being able to offset building depreciation against income with the time value of that benefit being significant over, say, a 20-year period. In simple terms, it is better to have a dollar today and repay that dollar later given the time value benefit. This advantage is amplified during times of high inflation because the real cost of repaying the depreciation tax benefit is reduced over time. Sometimes when a property is sold the deemed value of a building may fall below what was paid upon purchase and when this occurs it is not possible to claim depreciation retrospectively.
Depreciation of building structures is not permitted for residential property and is an example of the favourable tax rules available through investing in commercial property versus residential.
CM: How does DABS help with commercial property investment and depreciation claims?
SP: The DABS ownership structure is that of a limited partnership being set up for each property. An investor in a property is a limited partner in a partnership with an equity stake based on their capital invested. We prefer the limited partnership structure because it provides a direct pass through of profit and loss to the investors while providing limited liability. This differs to a company structure which may result in losses being retained in the company to be carried forward to offset against future income, meaning there may be many years before the tax benefit of the loss is utilised. We think that for commercial property investment a limited partnership is more “tax efficient”. In the initial stages of ownership, it is not uncommon for depreciation to exceed net rental income allowing a tax loss to pass out to the investors yet with cashflow being maintained at forecast levels. Investors may use the tax loss to offset against their other income. Over time the depreciation claim may reduce depending on the calculation method adopted but it is prudent in our opinion to maximise depreciation at the commencement of the investment.
For further information or to discuss our current investor offer please contact: Lara Weaver General Manager e. lara@dabsconsulting.nz m. 021 230 5989 145 Kitchener Road, Milford www.dabsconsulting.nz
Bright and beautiful
Cheltenham Beach Kitchen
After spending several years modernising their lovely family home at Cheltenham Beach, with beautiful results, the owners now wanted a new kitchen to match. Through a friend, they found kitchen designer Jane Fergusson, from Takapunabased Kitchens By Design, and have been delighted by the transformation she has achieved.
Could you tell us a little about you and your family, and also about your home – in particular, describe the existing kitchen before the makeover?
We are a family of four and are lucky enough to live in a very special part of the world, Cheltenham Beach. My kitchen was about 15 years old and, while the materials were still fashionable, such as marble and stainless, it wasn’t a well-functioning kitchen in terms of storage and design.
How did you come across Kitchens By Design, and why did you choose them to design your new kitchen?
They were recommended by a friend. I actually started the process with another kitchen designer, but wasn’t satisfied following the initial consultation and drawings, as I felt they were very happy to draw up what I wanted without actually making any recommendations, or suggesting alternatives. As I am not a kitchen designer, I really did need someone to take the lead and be confident enough to tell me if my ideas might not actually be the right way to go!
What was your brief to the designer, and how did it evolve?
My brief to Jane was that I wanted a sophisticated kitchen that stayed pretty much in the same footprint, but allowed for ease of access to kitchen items, with good pantry storage, space for a new double fridge, and one that was going to last the distance by using classic yet practical materials. For example, I love the look of marble – however it was suggested that I instead use Dekton, which is a man-made blend of natural quartz stone, porcelain and glass, and is super strong.
How did the designer translate your brief – and was it what you expected?
Jane was perfect in every way. She listened to my ideas and understood my vision. She was very good at listening to suggestions and re-directing me if she felt, due to her vast experience, that perhaps a move in another direction might achieve a better outcome.
What were some of the most enjoyable and memorable moments of the process?
Meeting Jane at the kitchen factory and seeing it all coming together was amazing and a huge relief to see it was looking exactly as we had planned. There were never any surprises, as everything was explained clearly every step of the way.
What are your favourite parts of your new kitchen?
I love all the wonderful storage and ease of access to everything. Also, the way the materials all work together to reflect my personality and taste is wonderful.
What would be your advice to anyone who’s thinking of having a new kitchen designed?
While the process is reasonably long, it is worth it in the end, as every day you get so much pleasure from being in a gorgeous, welldesigned kitchen.
How did you find the experience of working with Kitchens By Design?
As well as meeting at their showroom in Takapuna, Jane arranged regular after-hours, on-site consultations to fit in with our busy working lives – and to ensure my husband could also be part of the consultations and design process. Nothing was ever too annoying, and no question was too silly to ask. Jane also liaised with all the contractors when needed and was on site to meet them if I had to be at work. There was a constant calmness throughout the process. Honestly, I was so impressed with Kitchens By Design, and I will be shouting that from the rooftops.
