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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]