Property trading catches taxman’s attention

High levels of property trading activity in Auckland have led to calls within government for this year’s budget to provide greater resourcing for the IRD to investigate property deals. According to a recent New Zealand Herald report, Finance Minister Bill English says that there has been discussion about whether the IRD could be doing more to enforce current laws around property speculation. There are already laws and taxes in place for people purchasing property in New Zealand as an investment, but the issue relates to the ability of the IRD to effectively enforce these. Mr English’s comments appear to suggest that much speculative property trading has flown under the radar for some time…
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