Hello welcome to our May newsletter,
On 18 May the government announced a set of measures as part of the 2015 Budget to strengthen existing requirements to help ensure people buying and selling property for profit paid their fair share of tax. Those measures include:
- Requiring gains from residential properly sold within two years of purchase to be taxed unless the property is the seller’s main home, inherited from a deceased estate or transferred as part of a relationship property settlement.
- Requiring non-residents and New Zealanders buying and selling any property other than their main home to provide a New Zealand IRD number
- Requiring non-resident buyers to have a New Zealand bank account and to obtain a New Zealand IRD number.
Kind regards
DAVENPORTS WEST LAWYERS LIMITED
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