DEV-19-MIN-0127 – Minute: Collection of IRD numbers for the transfer of main homes

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Collection of IRD Numbers for the Transfer of Main Homes

Portfolio Revenue

On 22 May 2019, the Cabinet Economic Development Committee:

1 noted that the Land Transfer Act 2017 contains tax statement requirements, which must be completed by both transferors and transferees when land is transferred;

2 noted that the Tax Working Group recommended the disclosure of IRD numbers as part of the tax statement when the transfer involves a main home;

3 agreed to remove the exemption from providing a person’s IRD number and, if applicable, any tax identification numbers (and jurisdiction of tax residence) when the transfer of property relates to the person’s main home;

4 agreed to retain an indicator on the Land Transfer Tax Statement to identify where it is a person’s main home;

5 agreed that the amendments giving effect to the proposals in paragraphs 3 and 4 above come into effect from 1 January 2020;

6 agreed to a transitional provision to address situations where transfers have been entered into on the basis of the current requirements;

7 agreed that the above proposals be included in a Supplementary Order Paper to the Taxation (Annual Rates for 2019-20, GST Offshore Supplier Registration, and Remedial Matters) Bill at the Committee of the whole House stage.

Janine Harvey
Committee Secretary

Present:
Hon Grant Robertson (Chair)
Hon Phil Twyford
Hon Dr Megan Woods
Hon Nanaia Mahuta
Hon Stuart Nash
Hon Iain Lees-Galloway
Hon Jenny Salesa
Hon Kris Faafoi
Hon James Shaw

Officials present from:
Office of the Prime Minister
Officials Committee for DEV

Hard-copy distribution:
Minister of Revenue