Can land disposals be taxable under section CB 3?
Inland Revenue says section CB 3 can apply to land disposals in limited cases, even where the specific land sale rules do not apply...
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Before your client signs: Seven property tax questions worth asking
Seven questions to help identify income tax, GST, financing and ownership issues before a client commits to a property transaction...
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Repairs and maintenance: Why “fixing what broke” might not be deductible
Storm repairs and defect remediation can look like-for-like, but timing and condition tests may still push costs into capital, not deductions...
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Australian holiday homes tax changes
The ATO has published draft guidance revealing a changed approach to the taxation of holiday homes...
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Understanding bright-line rollover relief: What transferees inherit in family transfers
Inland Revenue’s QB 25/15 explains how rollover relief under the bright-line rules applies when residential land is transferred between associated persons...
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Final guidance clarifies bright-line test application to subdivisions and lifestyle blocks
This article focuses on two items—PUB00488d, which deals with subdivided land, and PUB00488e, which covers lifestyle blocks...
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Updated land sales guidance: Key draft clarifications and amendments
Inland Revenue has released six draft amended Questions We’ve Been Asked (QWBAs) concerning land sales and the bright-line test...
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Draft PUB00489: Bright-line rollover relief more widely available than previously thought
Inland Revenue’s draft PUB00489 clarifies that rollover relief is not optional, transferring the transferor’s acquisition date, cost base, and property-use history to the transferee...
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Extended rollover relief limited in application to bright-line property
CA ANZ NZ Tax Team is aware that there is a potential misconception that recent changes to the rollover relief rules are more generous (wide ranging in application) than what is in fact the case...
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Trimming the bright-line test and eliminating commercial property depreciation
New Zealand’s new government announces initial property tax changes...
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States and Territories given priority to impose taxes over tax treaties
The AU government introduces Treasury Laws Amendment (Foreign Investment) Bill 2024...
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NZ Government’s 100-day plan and beyond: what it means for tax
Addressing the tax technical issues stemming from the new NZ government’s policy priorities...
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Inland Revenues final statement on land holding costs
Key takeaways from Inland Revenue’s statement on land holding costs and what you need to know...
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Parents trapped: application of land sale rules to co-ownership changes
Inland Revenue recently published Interpretation Statement 22/03: “Income tax - Application of the land sale rules to co-ownership changes and changes of trustees”...
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Purchase Price Allocation Rules now apply
Members acting for clients in the sale and purchase of a business or commercial property should be aware that new rules now apply to the allocation of the sale price to the different asset classes...