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Revenue Minister Todd McClay and Land Information Minister Louise Upston say people buying and selling property for profit will now be unable to avoid paying their fair share of tax.

Provisions introduced in the Taxation (Land Information and Offshore Persons Information) Bill passed the Third Reading in Parliament today.

The resulting measures amend the Land Transfer Act and Tax Administration Act 2015, and will see Land Information New Zealand (LINZ) collect additional information when property is bought and sold, and pass this information to Inland Revenue.

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.

Revenue Minister Todd McClay and Land Information Minister Louise Upston have welcomed the introduction of a new bill which will help Inland Revenue enforce the tax rules around property.

The Taxation (Land Information and Offshore Persons Information) Bill containing proposed amendments to the Land Transfer Act and the Tax Administration Act was introduced into Parliament yesterday by Ms Upston. The bill contains two of the property tax proposals announced as part of Budget 2015: