The bright-line rule was updated again on 27 March 2021. This greatly affects those buying and selling residential properties (including residential bare land) in New Zealand. A brief summary of the main changes are as follow:
Other existing property sale rules, residential land withholding tax (RLWT) criteria for offshore RLWT persons, exemptions and reliefs continue to apply.
Now more than ever, people buying and selling residential properties need to carefully consider and be kept up-to-date with all the different rules in this constantly changing environment. Avoid making a costly mistake and talk to one of our friendly team members who will be ready to assist you.
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