Did you buy land with the intention to sell?

If you bought land with the intention to sell, expect to pay tax on the profits. It doesn’t matter how long you own the property prior to sale, the intention test overrides other land taxing provisions including the bright-line test for residential land. There are, however, exclusions for the family home and for business premises.

When will ring-fencing of rental losses apply from? The Taxation (Annual Rates for 2019-20, GST Offshore Supplier Registration, and Remedial Matters) Bill, introduced 5 December and currently open for submissions, […]

The Minister of Revenue has confirmed the bright-line test on residential property sales will be extended from two years to five years. At present, income tax must be paid on […]