The Property Law Section reminds lawyers that the transitional period for Land Transfer Tax Statements ended on 1 July 2020. This means that clients will not be able to claim the main home non-notifiable reason at question 15 for any transfer that is lodged with LINZ on or after 2 July 2020.
If you have any transfers that have not yet been lodged and the tax statements include:
- an answer of “n/a – transitional period applies” at question 3B; or
- the main home non-notifiable reason at question 15;
then clients will need to sign a new tax statement without that information to be able to lodge the transfer on or after 2 July 2020 and avoid rejection of the dealing.
If you lodge a dealing on or before 1 July 2020 with tax statements including the above information and your dealing is subsequently:
- rejected, you will need to obtain new tax statements with the correct information before re-lodging your dealing on or after 2 July 2020; or
- requisitioned, and the transfer remains signed, you will not need to alter the tax information before re-lodging. However, if you alter the transfer and need to re-sign it, you will need to contact LINZ customer support before re-lodging, if you wish to retain those above options.
You can find further information on the LINZ website.