IRD targets outstanding student loans in property investment crackdown
Photo:
Supplied
Inland Revenue is cracking down on property investors who aren't meeting tax obligations, including those with outstanding student loans.
IRD estimates there was about $153 million in
unpaid taxes in the property sector in the first nine months of this financial year
, about the same as the amount found in the whole of the year before, including undeclared tax gains on properties subject to the bright line test, as well as upaid GST on sales.
IRD has more resources to chase unpaid taxes with proactive use of other information sources such as land transfer information.
Property Investment Federation's advocacy and communications manager Matt Ball said there could be some investors unaware of their obligations, but most were well informed about tax policies where property investments were concerned.
"Another example that they've shared with us is around around student loan obligations, people who have student loan obligations but who also have investment properties here in New Zealand," Ball said, adding IRD's investigations included property investors living overseas.
"IRD are even tracking those people down and making sure they pay their student loans and their taxes in relation to an investment property."
IRD had been running a campaign to help people understand their obligations under the bright-line rules resulting in about $3.7 million in voluntary disclosures.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RNZ News
an hour ago
- RNZ News
Social media videos promoting ways to game the KiwiSaver system
Inland revenue figures show a record number of hardship withdrawals from KiwSaver is the past year. Between July 2024 and April 2025, more than $389 million's been taken out of KiwiSaver for financial hardship reasons. That's up from $300m on the year before. People can access KiwiSaver retirement funds in significant financial hardship, including for example to pay for food, power or palliative care. However a fund manager told Checkpoint there is a multitude of social media videos full of workarounds to help people qualify for a hardship withdrawls and effectively game the system. General Manager for Kiwisaver Fisher Funds, David Boyle spoke to Lisa Owen.
Scoop
2 hours ago
- Scoop
Total Realty Expands Low-Commission Real Estate Services Across South Island
Press Release – Total Realty Total Realtys regional presence includes sales teams in Blenheim, Dunedin, Invercargill, Kaikoura, Ashburton, and Alexandra. Total Realty, a New Zealand-owned real estate agency, continues to offer its low-commission, full-service model to sellers and buyers across the South Island, with established teams in Christchurch, Nelson, and other key regional centres. Founded in 2007, Total Realty introduced a commission rate of 1.5% plus a fixed administration fee, aiming to deliver professional real estate services at a fairer cost. The company operates without franchise fees, enabling savings to be passed directly to clients. This approach has seen the brand grow steadily, with hundreds of homeowners in regions such as Nelson and Christchurch choosing the agency for residential property transactions. In Nelson, Nelson real estate agents from Total Realty have been active since 2012, providing local expertise for the Nelson and Tasman regions. The Nelson team offers a range of services, including professional photography, multi-platform advertising, open homes, and tailored advice on sale strategies. Agents in the area are experienced, with many holding over a decade in the industry, and are noted for selling more houses per agent than other local agencies. Similarly, real estate agents in Christchurch are part of a wider South Island network, supporting clients in Christchurch, Rangiora, Selwyn, and beyond. Total Realty's consultants are selected for their experience and commitment to service, with the company reporting a high level of repeat business and client referrals. According to the agency, Consumer magazine has recognised Total Realty as one of the most cost-effective real estate options in the market. Total Realty's regional presence includes sales teams in Blenheim, Dunedin, Invercargill, Kaikoura, Ashburton, and Alexandra. The company remains licensed under the Real Estate Agents Act 2008 and continues to focus on providing transparent, client-focused real estate services throughout the South Island.
Scoop
2 hours ago
- Scoop
RC Hobbies NZ Expands RC Drift Car Selection As Interest Grows
Press Release – RC Hobbies The hobby shop stocks a wide range of products, including RC cars, planes, drones, boats, batteries, electronics, and model kits. The business is New Zealand-owned and operated, with a focus on offering products from leading brands and providing … Auckland, New Zealand – RC Hobbies, a leading online hobby shop in New Zealand, has expanded its range of RC drift cars in NZ to meet the rising demand among enthusiasts and newcomers. The company, known for its comprehensive selection of radio-controlled vehicles and parts, now offers an even broader variety of RC drift cars from brands such as Tamiya, HPI, Maverick, and Kyosho. The RC drift car category has seen an increase in popularity both locally and globally. These vehicles, designed to replicate the drifting action seen in motorsport, are equipped with specialized tires and chassis to enable controlled slides and manoeuvres on a range of surfaces. RC Hobbies' expanded inventory includes ready-to-run models and kits, as well as accessories and spare parts, catering to both beginners and experienced hobbyists. RC Hobbies operates as an online-only retailer, providing nationwide delivery and support for customers across New Zealand. The hobby shop stocks a wide range of products, including RC cars, planes, drones, boats, batteries, electronics, and model kits. The business is New Zealand-owned and operated, with a focus on offering products from leading brands and providing technical advice to customers. The updated selection of RC drift cars in NZ reflects the company's commitment to supporting the local RC community. Customers can browse and purchase products through the RC Hobbies website, with options to filter by brand, price, and availability. The company also offers parts, upgrades, and after-sales support to help hobbyists maintain and customise their vehicles. For more information on the latest RC drift car models and other radio-controlled products, visit RC Hobbies' website.
