Unit Titles Act 2010
It is universally accepted that a purchaser acquires not just a unit, but also membership of the body corporate when they purchase a unit title. The purchaser effectively acquires membership of [...]
Tax on Residential Property Sales – Bright Line Test Exemptions
Main Home Exemption A person is entitled to an exemption from the Bright Line Test if they are disposing of their main home. To qualify for this exemption the land must have predominantly been [...]
Tax on Residential Property Sales – Additional Property Tax Compliance
Land Information New Zealand is also required to collect information when people buy, sell or transfer property. The information will be passed to Inland Revenue to follow up on those who have [...]
Tax on Residential Property Sales – Resident Land Witholding Tax
As your conveyancing solicitor, the Inland Revenue Department now requires us to withhold tax payable from the sale proceeds and pay this sum to the Inland Revenue Department in some [...]
Tax on Residential Property Sales – Tax on Sale Within Two Years (Bright Line Test)
Inland Revenue now requires income tax to be paid on any gains from residential property that is disposed of within two years of acquisition. This is known as the bright-line test. The two year [...]
Goods and Services Tax (GST) – Compulsory Zero Rating on Land & Property Transactions
The Compulsory Zero Rating (CZR) rules were introduced in 2011 and require a 15% GST-able transaction to be zero-rated if: The transaction involves land (any interest in land will do); The vendor [...]
Goods and Services Tax (GST) – Time of Supply When Purchasing a Property
The general time of supply rule is set out in section 9(1) of the Goods and Services Act (“the Act”). This section deems a supply to occur on the earlier of the date of issue of an invoice and [...]
Commercial Property Leases – Landlord’s Consent to the Assignment of Lease
The provisions of sections 224 to 229 of the Property Law Act 2007 are relevant when addressing the issue of Landlord’s consent to the assignment of a Lease. Whether or not consent is [...]
