For any properties bought on or after the 1st of October which is then sold within the first two years a new tax will apply. Exclusions will be allowed for properties inherited from a deceased estate, property part of a relationship property settlement and your family home.
This of course will not change existing rules for tax which applies for any properties sold, if your intention was to sell from the day of purchase even if it is held longer than two years.
All New Zealanders and non residents buying and selling any property other than their main home will be required to provide an IRD number as part of the process. Non residents will also be required to provide the tax id number from their home country along with identification.
Full release from the National Party here
This article has been written by Hamish Patel, mortgage broker with mortgagesonline.co.nz. Ph: 09 625 4693, Mobile: 021 625 693, hamish@monline.co.nz
