Iain Blakeley

Barrister - Tax Expert - Business Adviser - Director, Professional, Practical, Fast, Affordable

Land
GST derails another property sale

GST derails another property sale

Recently from the Court of Appeal, another example of how GST can derail what should have been a simple property sale. Y & P NZ Ltd v Yang Wang & Chen Zhang [2017] NZCA 280 is a decision from the Court of Appeal about whether caveats registered by the...

IRD comments on short term Christchurch rentals

Inland Revenue's latest Business Tax Update reminds us people renting out houses in Christchurch short-term have to pay income tax on the rent, less deductions. It's a pity they don't mention GST because that's more interesting. The update is here:...

Buying and selling houses

If you're buying and selling houses on a regular basis be careful of GST. The Tax Review Authority recently backdated GST registration for a couple's family trust to 1999 because they traded 11 residential properties in 12 years. The case is reported at: Case 5/2013...

Warning for small operators

A recent Australian court case serves as a warning for very small businesses. The NZ rules are similar. The taxpayer bought a former fauna park intending to convert it to educational and accommodation use. However the taxpayer didn't get around to kick starting their...

Buying or selling land?

There's a completely new GST regime coming into force on 1 April for transactions involving any land between GST registered businesses. The new rules mean some parts of the current Real Estate Institute and Law Society Standard Sale and Purchase of Land agreements...

New rules fly in under urgency

The Government had Parliament sit under urgency at the end of last week to help get away some pretty significant legislation. New GST law was passed on Friday and now awaits the GG's signature, expected this week. Once enacted the new law means: - Transactions...