Does residential land withholding tax apply to my property sale?

Residential land withholding tax (RLWT) will apply to your property sale if:

• a sale amount is paid or payable on or after 1 July 2016, and

• the property sold is in New Zealand and defined as residential land, and

• the seller:

  • has purchased the property on or after 1 October 2015 through to 28 March 2018 inclusive, and owned the property for less than two years before selling, or

  • has purchased the property on or after 29 March 2018 and owned the property for less than five years before selling, and

  • is an offshore RLWT person.

The definition of an offshore RLWT person is not the same as the definition of an offshore person for IRD number applications.