New Housing Tax Law Set To Pass

The first leg of new tax laws around the purchase of residential property for speculative profit is set to pass into law this afternoon.

Following Question Time MPs are scheduled to debate the third reading of the Taxation (Land Information and Offshore Persons Information) Bill which has progressed with the support of all parties except NZ First in its earlier stages.

The bill brings into effect the Government’s Budget announcements around the purchase of residential land for speculative profit and requires offshore persons to provide IRD numbers and bank account details when purchasing residential investment properties.

Another bill setting a taxation “bright line” test of two years between buying and selling an investment property was sent to select committee earlier this week. Both bills will come into effect on October 1.

Following this MPs well continue the second reading of the Passports Amendment Bill (No 2) with three speeches remaining.

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