Property speculators targeted by IRD
Saturday August 31, 2013
Inland Revenue is cracking down on people who do not declare tax on properties they have made a profit on.
Under New Zealand Income Tax law, if you intend to make a profit on a property transaction, you are required to pay income tax.
“The urban myths that abound, if you own a property for six months, or 18 months or two years and you live in it as a family, then you are outside the net. Those are not true,” Tony Wilkinson, Buddle Findlay Tax Partner told ONE News.
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