Originally Posted by
iceman
Of course you are right. There is no new taxation introduced with this tweak. Anyone that comes under this new rule, should have been paying INCOME TAX anyway. Now anything bought and sold within 2 years will not sidestep paying income tax like they should be.
Daytr, as with any tax, there are always ways around avoiding it if people want to.Requiring foreign property buyers to be registered with the IRD, having a NZ bank account and providing their domicile country's tax number, will surely make it easier to track them, tax them and reduce risk of money laundering.
I know you very much dislike John Key and everything he does but I fail to see why you can not support this !