We already have a law that says you have to pay tax on any income derived from commercial or investment interest.
So the law isn’t the problem.
As usual with this country, it’s enforcement.
The Government has introduced a bill designed to make sure people who buy and sell property pay tax on their gains.
Current tax law says they should but it’s been difficult to enforce.
The Government has previously announced its intention to tighten the rules.
The new bill will set up a “bright-line” test, which makes it clear all property buyers, including overseas buyers, who buy and sell a residential property within two years will be taxed on their gains. Read more »