A number of property tax rules Government proposed as part of Budget 2015 have just been passed into law and will apply from 1 October 2015.
We’ve created a webpage about these changes for people who buy, sell or transfer New Zealand property. Please take a look and share this link with people who may be interested: www.ird.govt.nz/propertychanges
In brief, here’s what’s changing from 1 October 2015:
• When buying, selling or transferring New Zealand property:
- unless the property is their main home, New Zealand citizens and residents will provide an IRD number and a taxpayer identification number (equivalent of an IRD number) from any other countries where they have to pay tax on their worldwide income.
- offshore people and entities will supply a New Zealand IRD number and a taxpayer identification number from any country where they currently have to pay tax on their worldwide income.
- people transferring a property that’s in trust will provide an IRD number for the trust. An individual trustee’s IRD number can’t be accepted.
- people and entities offshore and people with property in trust aren’t eligible for the main home exemption, so will supply a New Zealand IRD number.