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.

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