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Delays to response times: It is taking longer than usual to answer calls and myIR messages, and to process some COVID-19 Support Payment applications. This is because of the impact of COVID-19. If possible, please contact us through your myIR account. Log in to myIR

Budget 2022: The Government has announced Budget 2022, which includes changes to child support payments. Find out more on our Tax Policy website

Budget 2022: The Government has announced a Cost of Living Payment, which will be paid from 1 August 2022. You do not need to apply for this payment. If you are eligible, we’ll pay it into your bank account. Find out more

Before you pay the income tax you owe on your property sale, you’ll need to complete an income tax return.

You’ll generally include the amount of property income you’ve earned in the 'property income' box or for older returns the 'other income' box.

You’ll also complete a Bright-line property sale information - IR833 and submit this along with your income tax return if the bright-line property rule applies to the sale.

Once your income tax return is filed with us, you’ll need to pay your income tax by the due date.

Selling residential property at a loss

If you sell a residential property subject to the bright-line rule at a loss, the loss will be ring-fenced against other property income.

This means you can only claim the loss when you have a future gain on other land sales that are taxable.

You cannot claim the loss against other types of income such as self-employed income, rental or salary and wages. residential property deduction rules

Income tax for individuals

Income tax for business

Residential property deduction rules

Complete a property sale information form

Last updated: 12 Jul 2021
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