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New Zealanders love property. Buying and selling property in New Zealand is common. What is less commonly known are the tax implications of these transactions. For many years, people have used property as a way to increase their wealth.
In a recent case, the High Court awarded summary judgement on appeal against a vendor for a breach of warranty in relation to the GST on the sale of land.
Are you leaving NZ permanently, or going on an extended overseas trip? Make sure you know your tax obligations and how to ensure you break your tax residency in New Zealand so you are not welcomed back to New Zealand...