Taxation (Bright-line Test for Residential Land) Bill

  • not the latest version

Hon Todd McClay

Taxation (Bright-line Test for Residential Land) Bill

Government Bill

59—1

Contents

Explanatory note
1Title
2Commencement
3Income Tax Act 2007
4New section CB 6A inserted (Disposal within 2 years: bright-line test for residential land)
CB 6ADisposal within 2 years: bright-line test for residential land
5Section CB 15B amended (When land acquired)
6New section CB 16A inserted (Main home exclusion for disposal within 2 years)
CB 16AMain home exclusion for disposal within 2 years
7Section CB 23B amended (Land partially sold or sold with other land)
8New sections DB 18A and DB 18AB inserted
DB 18ARing-fenced allocations: disposal of residential land within 2 years
DB 18ABDeduction cap: disposal of residential land within 2 years to associated persons
9Section DB 29 amended (Apportionment when land acquired with other property)
10New section FB 3A inserted (Residential land)
FB 3AResidential land
11New section FC 9 inserted (Land transferred to executor, administrator, or beneficiary on death of person)
FC 9Land transferred to executor, administrator, or beneficiary on death of person
12Section FO 10 amended (When property passes on resident’s restricted amalgamation)
13Section FO 17 amended (Land)
14New heading and new sections GB 52 and GB 53 inserted
GB 52Arrangements involving residential land: companies’ shares
GB 53Arrangements involving residential land: trusts
15Section YA 1 amended (Definitions)
16New section 43B of the Tax Administration Act 1994 inserted (Non-active trusts may be excused from filing returns)
43BNon-active trusts may be excused from filing returns

The Parliament of New Zealand enacts as follows: