Landwrap December 2015 - Issue 124

Issue 124

LINZ hours over the holiday season

All Landonline users

The LINZ Offices, including Customer Support, will be closed from 5pm Thursday 24 December. Normal hours will resume on Tuesday 5 January 2016. Landonline will close at the normal time of 10pm Thursday 24 December and resume at 6am Tuesday 5 January 2016.
 

What the Canterbury Property Boundaries and Related Matters Bill means for surveyors

Surveyors

This Bill was introduced to Parliament at the beginning of November. We updated the information for Canterbury surveyors on our website at the same time. Surveyors working in the greater Christchurch area should refer to this essential information when preparing affected CSDs.

Read the updated information for Canterbury surveyors [Link no longer active - www.linz.govt.nz/land/surveying/earthquakes/canterbury- earthquakes/information-for-canterbury-surveyors#impact]

Reminder about new property tax information requirements

Lawyers and conveyancers

As of 1 October this year, anyone buying or selling land must provide a New Zealand IRD number, plus their tax number for any overseas jurisdiction in which they are also tax resident.

This must be provided in a tax statement along with the other prescribed information in that form. These details must be provided when the transfer is registered.

This applies to all property transfers unless based on a contract entered into prior to 1 October 2015 or otherwise specifically exempt.

Find out more about the new property tax requirements and download the tax statement form [Link no longer active - www.linz.govt.nz/land/land- registration/prepare-and-submit-your-dealing/property-tax-compliance-requirements]

Read our property tax FAQs (//www.linz.govt.nz/land/land-registration/prepare-and-submit-your-dealing/property-tax-compliance- requirements/property-tax-compliance-faqs)

Read information for property buyers and sellers on the Inland Revenue website [Link no longer active - http://www.ird.govt.nz/property/property-selling/] 

Refer to the Land Transfer Amendment Act 2015 [Link no longer active - http://www.legislation.govt.nz/act/public/2015/0082/latest/DLM6512410.html]

Requests for tax information

You can find FAQs and other information, as above, if you have questions about what to provide when your clients are buying, selling or transferring property.

For those of you who read The Property Lawyer, the November issue (Vol 16 Issue 2) includes an article called ‘Taxation – Bright Line clarification’, which is also useful.

If you still can’t find the information you need to complete a tax statement or submit your dealing, you can create a ‘Titles Information’ request in Landonline. We will answer your request and refer you to Inland Revenue if needed.

Non-Landonline users will need to email customersupport@linz.govt.nz

Find out how to submit a request through Landonline [Link no longer active - www.linz.govt.nz/land/land-registration/user-guides-and- resources/landonline-requests-for-dealings]

Family trusts and tax statements

Lawyers and conveyancers still need to obtain a tax statement from their client when a family trust buys or sells a property, or individual trustees are changing.

Read more about what you need to provide for family trust transactions [Link no longer active - www.linz.govt.nz/land/land-registration/prepare-and- submit-your-dealing/property-tax-compliance-requirements/property-tax-compliance-faqs#family-trust]

Relationship breakups and tax statements

Property received as part of a relationship settlement agreement is not automatically exempt from providing a tax statement.

Read more about relationship property and tax statements [Link no longer active - www.linz.govt.nz/land/land-registration/prepare-and-submit-your- dealing/property-tax-compliance-requirements/property-tax-compliance-faqs#relationship]

Caveat lapsing over the Christmas and New Year period

Lawyers and conveyancers

If you or your client receives a notice of lapse of caveat or notice of claim in the lead-up to the Christmas period this year, you’ll need to act quickly to avoid the caveat or notice of claim lapsing.

Find out more about caveat lapsing over the holiday period [Link no longer active - www.linz.govt.nz/kb/648#christmas]

Want to help us improve Landonline?

All Landonline users

To help us improve your Landonline experience, let us know what improvements you’d like to see by using the Landonline enhancements wiki.

Find out how to access and use the enhancements wiki [Link no longer active - www.linz.govt.nz/land/landonline/landonline-releases-and-system- updates/prioritising-landonline-enhancements]