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On 1 October 2015, new tax rules and residential requirements came into force in New Zealand affecting buyers and sellers of residential property. Specifically, these new rules:
- require non-residents and New Zealanders buying and selling any property other than their main home to provide a New Zealand IRD [tax file] number;
- require non-residents to have a New Zealand bank account to get a New Zealand IRD number; and
- introduces a new “bright line” test to tax gains from residential property sold within two years of purchase, unless it’s the seller’s main home, inherited or transferred in a relationship property settlement.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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