IRD ramps up investigations yet again

The Inland Revenue Department (IRD) is watching property investors with "form" who might have put sales on hold because of the downturn, says the department's assurance manager (investigations) Richard Philp.

The IRD began a stepped-up auditing programme of property investors following a decision by then Finance Minister Michael Cullen to provide an extra $14.6 million to the department, over three years, for additional enforcement of existing property investment rules.

The IRD has identified just under 2,000 people who have bought and sold six or more properties over a period of four years, who they're keeping an eye on, says Philp.

Of this group, 312 have bought and sold 20 or more properties.