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Inland Revenue

Tax Policy

PUBLISHED 25 June 2015

Property tax rules bill referred to select committee

The Taxation (Land Information and Offshore Persons Information) Bill passed its first reading today. It was referred to the Finance and Expenditure Committee, for report back to the House by 17 August 2015. For more information see the Ministers’ media statement.

Hon Todd McClay
Minister of Revenue

Hon Louise Upston
Minister for Land Information

25 June 2015

Media statement

Bill to strengthen property tax rules passes first reading

A bill which will help Inland Revenue enforce the tax rules around property has passed its first reading in Parliament today.

Minister of Revenue Todd McClay and Minister for Land Information Louise Upston say the Taxation (Land Information and Offshore Persons Information) Bill contains two property tax proposals announced as part of Budget 2015.

“This package of measures will ensure that people buying and selling residential property for profit pay their fair share of tax,” says Mr McClay.

“These rules won’t unfairly impact New Zealanders who have worked hard to buy their family home, but will help enforce the reasonable expectation that anyone who has obligations to pay tax in relation to their property should pay that tax,” says Ms Upston.

The Bill has now been referred to the Finance and Expenditure Select Committee for consideration and public consultation. The bill is expected to be reported back to the House in time to be passed by October.

Media contacts:
Lesley Hamilton (Minister McClay) 027 490 1345
Libby O’Brien (Minister Upston) 022 0749 670