When buying or selling a family home, a rental or a holiday home, it's essential to understand your property tax obligations first.
The Inland Revenue Online property tax decision tool (see below) is a great way to work out if the property you are buying or selling is subject to property tax rules.
Central government websites can be overwhelming with the sheer volume of information - and the Inland Revenue Department website is no exception.
We’ve pulled out the best property tax information for both buyers and sellers and centralised it here on Wise Up NZ.
Learn about changes to the bright line rule and claiming against rental income
You can determine your tax obligations whether buying or selling a property and what to do if you're not sure. The info covers:
- Family homes
- Holiday homes
- Rental properties
- Other property types
Inland Revenue Property Tax Resources
The IRD website is the most reliable source of tax related information for buying or selling. It is your intention when buying a property that matters.
- Find out if IRD considers you to be a property dealer. There is a helpful property tax decision tool for anyone uncertain about their liability at the bottom of the page. It only takes seven minutes to work through.
- Find out what you need to know about buying or selling a rental property, including bright line rules and example scenarios.
- Find out the expenses you, as a landlord, can and can’t claim in tax returns.
- Find out about renting out a room or a holiday home and tax by rental property type.
Understand the buying and selling process
There is a great deal more to buying or selling a property than most people think and many fail to do sufficient due diligence. While many stories make the news, most mishaps go unreported.
We have liaised with government agencies and property-related organisations and authorities to centralise the most important information buyers and sellers need to understand the real estate process. Click here for our free Process of Selling a Property flowchart - five easy steps to guide you through the property buying and selling exercise, with links to the relevant information.
Find a tax accountant
Some people who provide tax services are not licensed accountants so be careful who you hire. You can be sure to find a licensed accountant on the Chartered Accountants Australia and New Zealand website.
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- The best place to find vetted real estate agents
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Article updated June 29, 2021 | About