Steve Slatret & Dennis Wright: IRD Compliance Officers

About this time last year, Finance Minister Michael Cullen said Inland Revenue would get an extra $14.6 million over the next three years to strengthen property transaction audits. His rational was that speculative activity was driving up house prices and household debt levels; giving IRD more money would help it enforce the law, recover monies owed and maybe take the sting out of the market. The market has cooled down somewhat (not because of Cullen) but for investors looking to sell property, it is still very relevant to understand whether or not you have to pay tax when you sell. Some questions you may ask yourself:

• Do I have to pay tax on property I sell?
• Why is my reason for buying a property important?
• What if I had more than one reason for buying a property?
• What if I change my mind after I buy a property?
• How do you work out what my intention or reason for buying a property was?
• What about my family home?
• Does it matter how long I own a property for?

Capital PIA has the rare privilege of getting some insight direct from Dennis Wright of the IRD; it is a great opportunity to get clear about the rules, without paying your advisors lots of money!
I’m sure that Dennis will be happy to field other questions in relation to property related tax and I know that reports from other PIA meetings that the IRD have attended, there have been some very interesting questions asked – bring yours!

Where: The National Library Auditorium, Aitkin Street, Thorndon, Wellington
When: May 13, 2008
What Time: Registration desk open from 6.30 pm with meeting starting promptly at 7.15 pm
Investment: Capital PIA Members Free, all visitors $25.00 per person