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There is no capital gains tax in New Zealand – but it seems that nobody has told the Government.
Tax rules tabled in Parliament recently will affect many property investors and, once enacted, will widen the net that taxes capital gains on the sale of rental properties in some circumstances. Are capital gains from properties taxable? (more…)
Inland Revenue says it is a myth that investments in housing have a tax advantage over other types of investment.
Revenue Minister Peter Dunne and IRD officials appeared before the finance select committee today and were quizzed about why people had the impression that there was some tax advantage in investments in rental housing.
Deputy Commissioner Robin Oliver was blunt: “The short answer there is none.” (more…)
Property speculators who are reaping millions of dollars from the super-heated housing market are about to feel the heat from a tough new tax crackdown.
Finance Minister Michael Cullen said Inland Revenue would get an extra $14.6 million over the next three years to strengthen property transaction audits. Speculative activity was driving up house prices and household debt levels, he said. So giving IRD more money would help it enforce the law. (more…)
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