Do we follow the Kiwis? - Property sellers must provide TFN and have a local bank account

Posted by: Tony Allen

In an endeavour to ensure that compliance with taxes on certain property transactions, particularly by non-residents, and to ensure that people buying and selling property for profit will be less likely to avoid paying their fair share of tax, the New Zealand government has introduced new legislation that requires buyers and sellers of New Zealand property to provide their tax identification numbers to the land registry and to have an onshore bank account. It is anticipated that this legislation will become law soon. Click Here for NZ Inland Revenue announcement on this legislation. Although there is an exemption for principal residences that exemption does not apply to offshore persons or trusts.

In light of public concern in Australia as to the impact of foreign investment on property prices in Australia measures such as this may be a salient development of which the Australian government ought to give consideration. 

Invitation for input about the Great Artesian Basin water resource plan

Posted by: Megan Tilbrook

Those of our clients reliant on the Great Artesian Basin may be interested to note that the Queensland Government is currently seeking input on the new plan proposed to manage this vast water source.

Public consultation seminar will be held during October and November with submissions closing 20 November 2015.

Source: Rita's Outback Guide

For those who are interested further information can be found at;

http://statements.qld.gov.au/Statement/2015/9/7/have-your-say-on-the-new-great-artesian-basin-water-resource-plan