BUDGET 2013: more, and less, than meets eye in property tax changes

Yesterday’s Budget included an announcement the government is to provide $6.65 million a year in increased funding for Inland Revenue to chase property investors who have not paid tax on the capital gain of the sale of properties.

This is linked with provisions in the Income Tax Act which say, in effect, that anyone regularly buying and selling property is deemed to be trading in property, and therefore has any capital gain included as part of their income.

 

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