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GST is a tax on the supply of most goods and services in New Zealand. GST can apply to people who buy and sell property. In many cases GST is not charged on the sale of a residential property, but it can apply depending if the seller is GST registered and:

  • the sale is part of their GST-registered seller’s business
  • the sale includes both a residence and other property, such as a farm or a shop.

If you’re in the business, or intend to be in the business of buying, selling, developing or building residential properties you may need to register for GST. This may also include if you have a pattern of buying or selling residential properties.

You must register for GST if your annual turnover in the previous 12 months was more than $60,000 (or is likely to be in the next 12 months). Turnover is the total value of supplies made for all your taxable activities, excluding GST. Your turnover must include the sale of any residential propety sold as part of your taxable activities.

If you're buying or selling land make sure you understand the GST rules. Mistakes with GST can be costly and difficult to correct.

We recommend you speak with a tax professional.