Tax on NZ primary home sale when moving overseas

[karthickone]

Hi
Just wondering is there any tax liability when selling the primary home of more than 2 years when leaving permanently for overseas (Australia)? We would be outside NZ when the sale contract is done. Thanks.

KK

[donna]

To my knowledge Tax on sales is on rentals - including own homes that have been rented for part of the time.

So if you rented your house out and sold it in a year there’d be some capital gains tax to pay.

You’re selling your home straightaway without having had tenants so you’re good to go.

cheers

Donna

[Perry]

So if you rented your house out and sold it in a year there’d be some capital gains tax to pay.

Tut, tut, Donna. There would be no capital gains tax to pay.

The illusory capital gain amount would be subject to income tax, as if that illusory gain was earned income.

[donna]

Yeah and ‘income tax’ on profit when house sold pro rata’d for time home was a rental aye