How to fall foul of the new housing tax rules: tips from the NZ tax department

How to fall foul of the new housing tax rules: tips from the NZ tax department
By Pattrick Smellie May 18 (BusinessDesk) - Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability. Even if you sell it after the two-year "bright line" test to be imposed from Oct. 1, and announced yesterday by Prime Minister John Key, the IRD's Property Compliance Programme investigators can come after you if it was always your intention to sell for a swi...