The IRD has launched a campaign to target investors who have sold residential property without paying tax on the profits. The IRD is now matching tax returns with property transactions, is contacting clients who might be affected and we as tax agents are being asked to do the same.
Residential property sales are subject to the bright-line rules. As a quick refresher, the bright-line test:
If you have sold a property, have not advised us about the sale and think you might be affected, please get in touch with us as soon as possible before the IRD contacts you.
If you have received a letter from IRD, please get in touch with us to get advice as to how to proceed.