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Post-Cab Press Conference on the Capital Gains Tax

Post-Cab Press Conference on the Capital Gains Tax

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In a press conference held today in Wellington Prime Minister John Key explained details of the capital gains tax revealed yesterday.

The current capital gains tax taxes the sale of properties purchased with the intention of resale for profit.

The new capital gains tax builds on existing tax law by creating a bright-line test which enforces a tax of up to 33 percent (charged at the marginal rate for the individual conerned) for properties bought and sold within 2 years.

Non-residents will need have to have a New Zealand bank account and IRD number to buy or sell property other than their main home.

“Nothing we did yesterday did takes away from the fact that if you owe tax because you are buying with the intention of selling you have to pay.”

“All we did yesterday was say there is not any discussion if its 0-2 years outside the family home, and if you’re a non-resdient buyer in New Zealand be warned the conditions have chnaged dramatically and you’ll have to be aware of those factors when you buy a property.

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