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Despite dominating the political agenda for much of the year, tax was barely mentioned in the budget. That doesn’t mean the work there is over, writes Greg Thompson of Grant Thornton New Zealand.
Although the tax implications of relationship property settlements are rarely front-of-mind, they can have significant consequences. It is important any tax implications are properly considered and reflected in the agreement to achieve a fair settlement. This article discusses the general tax principles relating to the settlement of relationship property, including the potential effect of the new ‘bright line’ test for residential property recently introduced on 1 October 2015.
