Question
(f) Kanye, an offshore RLWT person, has sold land in New Zealand. The sale proceeds are taxable under the brightline test. Kanye purchased the property
(f) Kanye, an offshore RLWT person, has sold land in New Zealand. The sale proceeds are taxable under the brightline test. Kanye purchased the property at a cost of $750,000 and sold it for $800,000. Kanye has a $400,000 registered mortgage on the property with the BNZ in New Zealand, and has no outstanding rates. The purchaser paid a deposit of $60,000 in January 2018, and will pay the balance of the purchase price in March 2018. Kanye has a conveyancer who will be the paying agent in relation to the RLWT. When does the RLWT obligation arise, and how much RLWT is payable?
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