Conveyancers should remind their clients to bring their IRD number with them when they are buying or selling any property, Land Information New Zealand (LINZ) says.
LINZ has made changes to the Land Transfer Tax Statement (LTTS) in Landonline, to reflect recent amendments to the Land Transfer Act 2017.
From 1 January 2020, the main home non-notifiable reason can no longer be selected at Q15 unless the transitional period applies, it says.
LINZ says there is a new question, 3B, asking whether the transfer is a "main home transfer" as defined in the amended section 79(5) of the Act. This question does not have to be completed before 1 January 2020.
LINZ says the Land Transfer Act amendments will apply from 1 January 2020, although there is a six month transitional period for transfers resulting from agreements entered into prior to 1 January 2020.