Property investors beware - IRD investigation starting
Already the department had done reviews in parts of the Auckland and Queenstown markets and found $105 million in unpaid taxes on property sales.
“The IRD is looking closely at property transactions that have occurred in the recent past to make sure that everyone pays the right amount of tax and meets their tax obligations,” IRD assurance manager Richard Philp says.
He says there is no time limit on an investigation if someone hasn’t declared all their income, whether from property transactions or other sources, but adds, “We generally do not go back more than four years in our investigations”.
“Anyone who thinks they should have paid tax on the sale of a property but didn’t, should consider making a voluntary disclosure,” Philp says.
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