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.
DAVENPORTS WEST LAWYERS LIMITED
Property rules prompt fears of real estate dumping
The Government’s property speculator tax crackdown will lead to large-scale real estate dumping before its October 1 start and widespread evasion and avoidance, some experts say. Others have applauded the rules.New Zealand Institute of Economic…
Rule changes aid first-home buyers
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Too hot to handle?
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Improving economy alters way we work
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