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27. Will every home owner have to file a tax return?

27. Will every home owner have to file a tax return?

Answer

Not really - its very easy to get your house value from the local council, your insured value from an insurance company, and your mortgage from a bank. The IRD has many rights. You don’t need to do anything if it’s just the home that’s involved. If there are other assets you might need to fill an online form, sign a statutory declaration. Very simple really, no accountants needed that’s for sure.

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    • Matt
      commented 2017-06-23 22:01:08 +1200
      I agree with steves query, how far is the asset taxing likely to go? I think everyone will be able to get their head around taxing the equity in a house but as for anything else it seems very difficult.
    • Steve Cox
      commented 2016-12-12 17:34:09 +1300
      Hi Gareth

      “If there are other assets …” sounds like a plan to expand the scheme beyond land and housing.

      What might those other assets be? You must have some idea of what assets could be added to the scheme.

      But is this going to create asset bubbles as some people rush into un-taxed asset classes?