Following a third reading, the above bill, requiring anybody buying or selling a property to make key documents available or risk delays to settlement, has now been divided into two bills:
1. The Land Transfer Amendment Bill
2. The Tax Administration Amendment Bill
The documentation required under the bill is outlined below but it’s recommended that anyone buying or selling if the bill is approved, seek advice from your lawyer and/or accountant to avoid delays with settlement.
The documentation required under the proposed bills is outlined below but it’s recommended that anyone buying or selling, seek advice from their lawyer and/or accountant to avoid delays with settlement.
Documents required for NZ citizens or visa holders:
NZ passport; or
NZ resident visa, or
NZ work visa, or
NZ student visa;
NZ IRD number.
Documents required for trusts, companies, nominators, grantors under powers of attorney, partnerships, unincorporated bodies, those who have transferred their property three times in two years, or offshore persons:
NZ IRD Number; AND
NZ Bank Account; AND
Equivalent of NZ IRD Number (for non-tax residents).
Application of this tax statement requirement does not apply to any transfer of land if:
the contract for the transfer of the land was entered into before 1 October 2015; and
the transfer is registered on or before 1 April 2016.
Once again, if you have questions around this, contact Hoverd & Co Property Management Ltd for commentary, and as specialist Property Managers in Auckland we can refer you to those who will provide you with absolute clarity about this new development.