Legislation that extends the “bright line” period with respect to the taxation of sales of residential property to five years (from two years) received Royal Assent in late March 2018.
The Taxation (Annual Rates for 2017-18, Employment and Investment Income, and Remedial Matters) Bill, extends the “bright line” holding period for taxing sales of residential property from two to five years effective for acquisitions on or after 29 March 2018.
New Zealand officials also released a consultation document on restricting (“ring fencing”) certain residential rental tax losses.
Read an April 2018 report [PDF 198 KB] prepared by the KPMG member firm in New Zealand
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