Keep tax statements for a decade, lawyers told

Land Information New Zealand (LINZ) has issued an official reminder to lawyers that property tax statements must be kept on file for 10 years

Keep tax statements for a decade, lawyers told

LINZ said that its role is to capture property tax data in Landonline when properties are bought, sold or transferred. The authority passes the information onto Inland Revenue so that it can follow up on parties that have property tax obligations.

“For this reason, lawyers must retain tax statements (for the required 10 year retention period) so that they are available if requested by Inland Revenue,” LINZ wrote.

LINZ said that when responding to a compliance review request from the Registrar-General of Land, tax information must not be included as part of documentary evidence. When conducting compliance reviews, the Land Transfer Act allows LINZ to request only the evidence showing the truth of e-dealing certifications.

Tax statements must not be provided to LINZ and should not be attached to or scanned with the authority and instruction (A&I) form or other supporting documentation because they do not relate to e-dealing certifications, LINZ said. Tax information must not be recorded on the A&I form or attached to an e-instrument for registration.

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from NZ Lawyer.

Recent articles & video

Law Society's national office building sold

Lowndes attracts new principal

KPMG Legal Thailand launched

Here are the finalists for all of this year’s Australasian Law Awards deal categories

Criminal Cases Review Commission chief and advisory board named

Finance expert makes partner at Morrison Mallett

Most Read Articles

Top litigator returns to NZ, joins Russell McVeagh partnership

Here are the finalists for all of this year’s Australasian Law Awards deal categories

Legal disruptor looks to Australian success to inspire NZ growth

Criminal Cases Review Commission chief and advisory board named