Reforms to tax rules designed to ensure greater fairness in child support, retail trade, and residential investment have now passed into law.
Inland Revenue is to gain greater oversight of land transfer information to ensure those buying and selling properties are complying with tax rules on property speculation.
Any suggestion that Inland Revenue has taken its eye off the ball when it comes to property investors is thoroughly misleading.
Cryptocurrencies are treated like property for tax purposes in new Inland Revenue guidance published today.
Revenue Minister Stuart Nash is encouraging feedback on a proposal to change the rules around ring-fencing losses on residential properties.
Legislation designed to simplify interactions with the tax system has passed its third reading in Parliament and now awaits Royal Assent.
Revenue Minister Stuart Nash has confirmed the bright-line test on residential property sales will be extended from two years to five years in legislation currently making its way through Parliament.
Property remains the principle investment choice for many New Zealanders, with trade in residential property averaging over $40 billion a year.
First time landlords who rent out temporary accommodation in Christchurch and Auckland are being reminded they have to pay tax on their rental income.