Land Transfer - Tax changes enacted
Today the New Zealand Inland Revenue have confirmed that the new Bright-line tests for residential property (now called the Land Transfer Tax Legislation) received Royal Assent yesterday, 22 September 2015. The Act comes into force on 1 October 2015.
This is a wide reaching law change that will affect all New Zealand taxpayers on their world-wide real property purchases, as well as all non-residents buying real property in New Zealand. This also will impact on solicitors acting for both purchasers and vendors, as well as those working in the property industry (such as real estate agents, property developers, builders). While it is intended to apply only to residential property, the reach is wider than many people think.
Want to know more, contact us at Shellock Consulting Limited for more details.
Posted: Wednesday 23 September 2015