If you are a regular Property Trader or Investor in New Zealand you will more than likely be subject to paying tax on the profit from resale. The Inland Revenue Department will look at your intention. If you have bought and sold properties at regular intervals, they may look at statements made to your Bank Manager, Accountant, Financial Advisor, Conveyancing Practitioner, Real Estate Agent or any other Professional in relation to the transactions you have conducted. So ensure you are getting the correct information from your Advisors. For more information available free do check out the Inland Revenue Department website. Happy investing Kim
Tag: Investor
I must say our Company has seen a significant improvement in the property market in New Zealand. Comments made are correct there appears to be more confident from both Vendors, Purchasers and Investor. Is this a short lived wave who knows? We are told we are only just out of the recession and things are improving. It is great to see confidence back. Numbers are down on Kiwi’s leaving home, and more arrivals staying. The increase in property values is only slight compared on the boom and bust. http://www.scoop.co.nz/stories/BU0910/S00012.htm
Interesting article in the New Zealand Herald. Firstly the question would be are you an Investor, Owner Occupier or First Home Buyer? What is the Bank prepared to Lend? Do they require collateral security? How much deposit do you need? What are you looking for in the property? As you can see the questions are endless. Ensure the conditions on your Agreement for Sale and Purchase reflect your needs not the needs of others. My best advice is to research, research and more reseach. Don’t purchase on emotion as a lot of people do. Ensure you are dealing with professionals in their industry. Don’t be afraid to ask for references.
