new Property Tax Bill Introduced

June 24, 2015 New Zealand Taxation

New regulations have been introduced to ensure that the sale of property is taxed properly.

On June 23rd the Taxation (Land Information and Offshore Persons Information) Bill was introduced with the aim of tightening the regulation and taxation regarding the purchase and sale of property.

Under the details of the new bill, any buyer or seller of property in New Zealand are required to provide their IRD number at the time of the sale.

Any individuals who are not residents of New Zealand will need to provide their tax registration number in their home jurisdiction.

Further, new requirements will also be enacted to ensure that any applicant for a new IRD will be required to provide details of their New Zealand bank account.

The requirement to provide an IRD number will only be waived for the sale of residents’ main homes.

Photo By: Ron Cogswell