Draft legislation that was introduced into parliament as the Taxation (Land Information and Offshore Persons) Bill on 22 June 2015 has been divided into two bills: the Land Transfer Amendment Bill and the Tax Administration Amendment Bill.
These have now had their third reading.
- The draft legislation provides that buyers and sellers of property will have to provide their IRD numbers at the time of property transfer, and persons who are tax-resident in another country will also have to provide their foreign equivalent of an IRD number. There will be an exemption for the main home;
- in order to obtain an IRD number from Inland Revenue, offshore persons will need to provide evidence of an operating New Zealand bank account
For more information, see the Ministers’ media statement.