Understand the tax implications for land transactions, focusing on exemptions, exclusions, and the bright-line test under New Zealand’s tax laws.
When determining whether a land sale is taxable, it’s crucial to understand both the land taxing provisions and the exemptions that may apply.
With the introduction of the Bright-line test, land sales are increasingly captured by the land taxing rules.
The IRD system is detecting sales that may be captured, and taxpayers are given the opportunity to complete an IR 833 form. Completing this form or responding to the query can have consequences.
Many taxpayers assume that if the Bright-line test doesn't apply, the land sale isn't taxed, but this isn't always true. There are other provisions that may apply and need to be understood.
Since exemptions vary depending on the circumstances, it's important to understand how they apply to all land tax provisions.
This course will walk through the exemptions, using examples to demonstrate how the rules work. It will be pitched at a tax-technical level to understand the rules, while remaining practical to help you apply them.
Suitable for: Anyone who owns property or advises clients on land sales.
TEO Training provides practical learning experiences on primarily tax-related topics for accountants, lawyers and business advisors across New Zealand.
Partner at Findex/Crowe
Daniel is a Partner for Findex in Queenstown. Daniel has been with Findex for 16 years, where he advises on a wide range of tax matters, including property transactions and property ownership structures, international taxation issues, the tax treatment of investments and providing structuring advice to clients, including assistance for family group restructures. Daniel is recognised as a leader in the taxation treatment of short stay accommodation, providing training to other practitioners.
