On 15 February, Revenue Minister Stuart Nash confirmed that the election promise to extend the bright-line test from two years ownership to five years will be enacted, effective for properties acquired after the date of Royal Assent (likely to be in March 2018). Whilst this has been sold as a mechanism to “dampen property speculation”Continue reading
Showing posts under "Property"
Following the somewhat surprising 2017 New Zealand general election outcome, there has been a plethora of headlines proclaiming that foreign buyers are now banned from owning property in New Zealand. Unsurprisingly, we have received a number of calls and emails as to what this actually means for foreigners who either have existing property or areContinue reading
Many local and regional authorities are currently going through the process of reviewing and revising their District Plans. The changes to the District Plans and flow-on effects on land zoning and land usage rules can alter the value of the land affected by those changes. Moves towards ‘intensification’ can mean that a property that previouslyContinue reading
There has been a lot of discussion about the taxation of land sales and the introduction of the new two-year bright-line rules. Generally speaking, if you buy a property and sell it, even if it might be subject to one of the various land taxation rules, if you have used the property as your home,Continue reading
Leading economist Shamubeel Eaqub has highlighted the need for an ideological shift and a move towards nation building as central mechanisms to addressing the nation’s growing housing pains. As shortages and runaway prices continue to dominate headlines, the situation is causing far-reaching ructions among both businesses and citizens. At a recent event hosted by CroweContinue reading
The Government introduced the bright-line test for residential land sales on 1 October 2015. The bright-line test taxes the sale of residential land sold within two years of the taxpayer acquiring the property where the property does not qualify as a “main home”. At the same time, the Government also introduced a requirement for sellersContinue reading