Let’s talk about Capital gains tax on NZ property. I would be keen to know who thinks Capital Gains Tax (CGT) will work, most investors hold longer then 2 years anyway.
The whole CGT is about tracking buyers and getting investors and renovators who don’t pay tax on capital gains.The IRD rules have always been in place but now they can monitor it. We will have to record your ID numbers and bank account on each Sales and Purchase agreement, not before time? Is this going to have an impact on sales. I don’t think so. The CGT is about finally giving the IRD some relevant info. The Govt are spending 67 Million in extra tax inspectors to grab another 365 million and growing.