The 2015 Budget brought changes to the tax rules for property transactions, introducing the 'bright line test'.

If a trust owns land or income generating assets, it must provide an IRD number when transferring ownership of property.

Earlier this year, the Intellectual Property Office of New Zealand (IPONZ) carried out a review of its fees, with a view to providing consistency and transparency across the services it provides.

"Sweeteners" are increasingly common in the current commercial property leasing environment, especially in Christchurch.

All buyers and sellers of NZ property will be required to provide their IRD numbers as part of the conveyancing process.

The NZ Government announced proposed changes to residential properties, first home grants and property investments.

If an owner sells within five years, and the property is not their main home, then they will be taxed on any profits.

Parties to transactions which include a transfer of land or an interest in land will have to complete a "tax statement".

The IRD issued a statement proposing to tax lease inducement payments and other payments relating to interests in land.

The IRD plans to make lease inducement payments taxable even before legislation effecting the change has been written.

Recap – when & how do the PPA rules apply? How have they been adopted & applied? Anomaly with auction sales.

The PPA rules apply to commercial property sale and purchase transactions of land and buildings greater than $1.0m.

The Tax Working Group's interim report discusses its review of the structure, fairness and balance of the NZ tax system.