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Watch the possible change to claiming land/building on the invoice basis. They are trying to change it, so that you have to make payment before the claim is allowed for property deals with delayed settlements over a certain amount ($250k of the top of my head).
With any government or IRD proposals, always wait until they are actually law, as quite often nothing or very little changes.
Ross
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Ross Barnett - Property Accountant
It's sad that they are hell bent on punishing a mythical group of evaders. It's like legislating against the tooth fairy. Why don't they work on benefit fraud or offshore money launderers
Actually I struggled to make sense of that announcement by Peter Dunne. The law already says that if you sign a contract with settlement more than 365 days away, the Vendor must immediately account for GST.
Maybe IRD are encountering Vendors who owe GST on a sale but are insolvent. It would be possible to set that up.
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