No clause Issue: Guidelines for purchaser and purchaser’s agent Submission (Chapman Tripp, PwC) should be clear guidance for people who do their own conveyancing that is, where the – buyer is the RLWT agent. (Chapman Tripp) Communication strategies should be put in place when the RLWT agent is the purchaser’s conveyancing agent or the purchaser themselves as they may not be aware of their obligations. (PwC) Comment Officials understand that land transfers involving no conveyancer or lawyer make up a very minority of all land transfer transactions, so it will be unlikely that the purchaser will be the RLWT agent but it is possible that the RLWT agent will be the purchaser’s conveyancer or lawyer. However, appropriate guidance will be available to people with RLWT obligations and communication strategies will also be put in place. Recommendation That the submission be noted. Issue: Legislating for interim claims Submission (EY, PwC) Statutory clarification is necessary to provide consistency between the Tax Administration Act 1994 and Income Tax Act 2007. We are not aware of any general statutory authority for taxpayers to file their returns on an interim or early basis. (EY) Specific legislation is required to enable a vendor to prepare and file an interim tax return. (PwC) Comment The Tax Administration Act 1994 already provides for special returns in specific circumstances, including returns when the taxpayer no longer has an enduring relationship with New Zealand and will not derive any further income that will be taxed in New Zealand.
No clause Issue: Guidelines for purchaser and purchaser’s agent Submission (Chapman Tripp, PwC) should be clear guidance for people who do their own conveyancing – that is, where the buyer is the RLWT agent. (Chapman Tripp) Communication strategies should be put in place when the RLWT agent is the purchaser’s conveyancing agent or the purchaser themselves as they may not be aware of their obligations. (PwC) Comment Officials understand that land transfers involving no conveyancer or lawyer make up a very minority of all land transfer transactions, so it will be unlikely that the purchaser will be the RLWT agent but it is possible that the RLWT agent will be the purchaser’s conveyancer or lawyer. However, appropriate guidance will be available to people with RLWT obligations and communication strategies will also be put in place. Recommendation That the submission be noted. Issue: Legislating for interim claims Submission (EY, PwC) Statutory clarification is necessary to provide consistency between the Tax Administration Act 1994 and Income Tax Act 2007. We are not aware of any general statutory authority for taxpayers to file their returns on an interim or early basis. (EY) Specific legislation is required to enable a vendor to prepare and file an interim tax return. (PwC) Comment The Tax Administration Act 1994 already provides for special returns in specific circumstances, including returns when the taxpayer no longer has an enduring relationship with New Zealand and will not derive any further income that will be taxed in New Zealand.
2016-or-rlwtgstossl.docx