The IRD have a guide book that is available online here which gives various examples of situations including where the family home you are living in and doing up with the intention of resale could be taxed.
This guide makes for interesting reading and makes you wonder about this recent item where it was stated:
“In January, they bought a two-bedroom townhouse and embarked on a do-up, selling on June 24 for $430,000, making around $100,000 tax-free. In a fortnight, they will shift to a rental property and are hoping to be there for only a short time before they find the next do-up to live in.”
July 21 2012 09:23 am | Uncategorized