- New Zealand has clarified the application of GST on residential property sales
- Taxpayers who have claimed GST on assets must act before April 1, 2025
- Transitional rule applies to assets acquired before April 1, 2023, not used primarily for taxable supplies
- Taxpayers must return output tax equal to input tax previously deducted under the transitional rule
- Examples provided by Inland Revenue illustrate the application of the rule
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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