News and Media

IRD is targeting property speculators and cash jobs in the construction sector

28th October 2015

The Inland Revenue Department is putting more resources in catching property speculators and tradies who are avoiding paying tax. IRD's latest annual report says the department has been focusing on identifying property speculators, particularly in Auckland and Christchurch.

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How you could fall foul of new housing tax rules

19th May 2015

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 October 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 swift gain rather than hold the property.

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IRD nets $258m after zeroing in on property tax cheats

11th May 2015

Inland Revenue's 52-strong property compliance team has generated an extra quarter of a billion dollars that landlords and property flippers avoided paying in the past five years.

The team is spread around the country, with a strong focus on the hotspot of Auckland, and is charged with finding people who have not paid the required tax on rental income or property speculation.

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IRD chases down tradies' cashies

7th May 2015

Auckland tradies are being targeted by the Inland Revenue Department in a bid to recoup unpaid income tax from the country's multimillion dollar 'hidden economy'.

Inland Revenue marketing and communications group manager Andrew Stott said sub-contractors were being targeted in north and south Auckland - specifically Flatbush, Takanini, Silverdale and Albany. 

"It's specifically focussed on residential development in those four suburbs, but that could well become wider if it is an effective campaign." Auckland was chosen as a location to pilot the campaign given its size of population and the construction work currently being carried out, he said.

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