Taxation (Bright-line Test for Residential Land) Act 2015

Coat of Arms of New Zealand

Taxation (Bright-line Test for Residential Land) Act 2015

Public Act
 
2015 No 111
Date of assent
 
16 November 2015
Commencement
 
see section 2

Contents

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 13 amended (Disposal: amount from major development or division and not already in income)
6Section CB 14 amended (Disposal: amount from land affected by change and not already in income)
7Section CB 15B amended (When land acquired)
8New section CB 16A inserted (Main home exclusion for disposal within 2 years)
CB 16AMain home exclusion for disposal within 2 years
9Section CB 23B amended (Land partially sold or sold with other land)
10New 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
11Section DB 29 amended (Apportionment when land acquired with other property)
12New section FB 3A inserted (Residential land)
FB 3AResidential land
13Section FC 3 amended (Property transferred to spouse, civil union partner, or de facto partner)
14Section FC 4 amended (Property transferred to charities or to close relatives and others)
15New section FC 9 inserted (Residential land transferred to executor, administrator, or beneficiary on death of person)
FC 9Residential land transferred to executor, administrator, or beneficiary on death of person
16Section FO 10 amended (When property passes on resident’s restricted amalgamation)
17Section FO 17 amended (Land)
18New heading and new sections GB 52 and GB 53 inserted
GB 52Arrangements involving residential land: companies’ shares
GB 53Arrangements involving residential land: trusts
19Section YA 1 amended (Definitions)
20Section 3 of the Tax Administration Act 1994 amended (Interpretation)
21New 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
Legislative history
Administrative information

The Parliament of New Zealand enacts as follows: