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Taxation ( Land Information) changes

October 1, 2015

Information for Sellers and Buyers of property.

 

What you need to know:

  • The sale or purchase of ALL land in New Zealand will be caught by this legislation.

  • It applies to all contracts for the sale and purchase of any land in New Zealand entered into on or after 1 October 2015.

  • Sellers and Buyers who enter into contracts on or after 1 October 2015 will need to provide a New Zealand IRD number before the settlement can take place and possession can occur.

  • It will also apply to contracts entered into before 1 October 2015 where settlement date is on or after 1 April 2016. (Otherwise for contracts that were entered into before 1 October 2015 and will settle before 1 April 2016 this legislation will not apply.)

 

What Sellers and Buyers need to provide:

  • Sellers and Buyers will need to provide their lawyer with their New Zealand IRD number.

  • All Sellers and Buyers will need to complete and sign a Tax Statement before settlement can occur and possession can be given and taken.

  •  “Offshore” Sellers and Buyers will need to provide a New Zealand IRD number or obtain a New Zealand IRD number before the settlement date. (All “Offshore” Sellers and Buyers without a New Zealand IRD number will need to get a New Zealand bank account opened before applying for a New Zealand IRD number).   Offshore parties also need to provide their tax number/details from their country of origin.

  • An “exemption” may apply where private individuals only are selling their “main home”.

  • Whether this “exemption” applies depends upon a variety of factors. Advice must be taken from your accountant or lawyer.

  • Entities such as trusts, companies, partnerships, charitable trusts and the like must provide an NZ IRD number for their particular entity (not individual partners or trustees)in all cases.

  • Each individual seller or buyer must provide their own Tax Statement to their lawyer.

  • Without the Tax Statement the seller or buyer’s lawyer cannot complete settlement and delays may occur.

 

DISCLAIMER: This information  is provided as an indicative guide only.  You are recommended to consult your own accountant or lawyer concerning your personal circumstances and the requirements to complete a Tax Statement before entering into a contract to sell or buy land in New Zealand.

 

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