What is the bright-line test? From 1 October 2015, if you buy and sell a residential property within two years, this test is used to determine if you are required to pay tax on the profit. The test does not apply commercial property or farms. Why was the bright-line test introduced? Some would suggest as a […]
Tag Archives | Tax
Mixed Use Asset
A mixed- use asset can only be land (including any dwellings), and boats and aircraft that cost in excess of $50,000. To be a mixed-use asset, the asset must be used by a person in an income year partly to derive income, partly for private purposes and not used for at least 62 days in […]
Tax & Property Transactions
Property is a complex area of tax law and it pays to be well-informed. New Zealand does not have a capital gain tax as such. However, gain from the sale of real property (land & buildings) and personal property (including shares) where the property is acquired for the purpose of resale, or as part of a […]
Gift Duty
Gifts made on or after 1 October 2011 are no longer liable for gift duty and you no longer need to file any documents with IRD. The donor or agent remains responsible for keeping and maintaining records of the amount of debt that has been forgiven. If you made a gift before 1 October 2011 […]
