The Government will be making two major changes to tax legislation on October the 1st this year.
The first change affects foreigners buying property in New Zealand: The buyer must have a New Zealand bank account and IRD number, as well as providing tax details from their ‘home jurisdiction’.
The second change affects New Zealanders selling their house (unless it’s a family home). Profits from some real estate sales may become automatically taxable.
These changes are some of the most significant changes to the law on tax and property sales in New Zealand, so stay informed if you plan on selling your house or are currently living overseas.