• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Welcome
  • Services
  • You and Us
  • Our Team
  • Our Friends
  • Māori Business
  • News
  • Contact Us

Johnston Associates Chartered Accountants

Masterminding Brighter Tomorrows

21st September 2015 by Janine

Taxation (Land Information and Offshore Persons Information) Bill

The Taxation (Land Information and Offshore Persons Information) Bill has had its first reading in Parliament and is on track to be implemented on 1 October 2015. As the Bill currently stands, it will affect most property transactions settling from 1 October 2015.

If you are going to be affected by this Bill take you should take the necessary steps to obtain an IRD number if you do not already have one. If you are an ‘offshore person’ you will also require a New Zealand bank account number.

All Trusts will need their own IRD numbers whether Transferor or Transferee. That includes non-income generating ‘passive trusts’ that own the main home, regardless of who is in occupation.

Resident IRD applications must be posted to IRD. However, non-resident (offshore) IRD number applications can be emailed to IRD, click here for more information. Non-resident (offshore persons’) applications are likely to take longer because of the need to open a New Zealand bank account and meet anti-money laundering and Foreign Account Tax Compliance Act requirements.

The only exception to requiring an IRD number is a transaction involving private individuals where the property has been, or is intended to be used as a main home. There will be additional exemptions for estates etc. in the Regulations. However, these have not yet been produced.

Please contact us if you have any questions regarding the Taxation (Land Information and Offshore Persons Information) Bill, and whether you need to take any further action, please contact us.

Filed Under: Inland Revenue, Legislation

Primary Sidebar

Footer

Find Us On Facebook and LinkedIn

  • Facebook
  • Instagram
  • LinkedIn
Account Payments Client Compliance Declaration

Johnston Associates South, part of Johnston Associates Chartered Accountants Ltd·Copyright Johnston Associates South © 2023 ·