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This comprehensive guide discusses the key tax issues associated with buying, selling, owning and leasing property.
The new edition has been fully revised and updated for new developments in the law, including:
- the proposals for ring-fencing rental property losses from 1 April 2019
- the extended bright-line test for residential property sales
- changes to the zero rating of services for land situated outside New Zealand
- narrowing of tainted capital gains rule for companies; and
- GST on land sales by non-profit bodies.
It also includes new and updated Inland Revenue rulings that cover:
- the bright-line test and subdivided sections
- the bright-line test and farmland
- the income tax treatment of resource consents
- whether a building fit-out is an improvement for income tax purposes
- compulsory zero rating of land transactions
- acquisition date of land for the bright-line test
- deductibility of seismic testing.
In addition to providing in-depth coverage of the income tax land disposal provisions, this book covers:
- all of the relevant GST issues
- discusses interest deductions and explores tax-effective finance options
- canvasses the alternatives for structuring
- examines the tax issues for lessors and lessees, and
- includes commentary on tax issues unique to forestry and farm owners.
Topics covered include:
- choosing ownership vehicles for property purchases
- purchasing the property
- tax-effective financing
- investment properties
- purpose or intention of disposal, builders, land dealers, developers and re-zoning
- development and subdivision activities
- forestry and farm land
- restructuring ownership of existing properties
- selling the property.
Practical and up-to-date, this book will provide readers with the knowledge required to effectively manage tax expenses in relation to property transactions.