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Income Tax Act 2007

Income - Income from business or trade-like activities

CB 6AE: Certain transfers of residential land included in settlement of claim under the Treaty of Waitangi

You could also call this:

"Transferring residential land to Maori authorities as part of a Treaty of Waitangi settlement"

Illustration for Income Tax Act 2007

You are involved in a transfer of residential land that is part of a settlement of a claim under the Treaty of Waitangi. This land is subject to the Te Ture Whenua Maori Act 1993. You are transferring it to a trustee of a trust that is a Maori authority. You are transferring the land to a recipient who is a Maori authority or can choose to be one. The recipient gets the same bright-line acquisition date as you, the transferor, if the transfer happens on or after 1 April 2022. This is for the purposes of certain tax rules, including the bright-line test for residential land acquired on or after 29 March 2018, which is explained in sections CB 6A and CZ 39.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS673392.

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Topics:
Māori affairs > Treaty of WaitangiMāori affairs > Māori landMoney and consumer rights > TaxesHousing and property > Buying and selling homesHousing and property > Land use
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CB 6: Disposal: land acquired for purpose or with intention of disposal, or

"Tax on profit from selling land you bought to resell"

Part CIncome
Income from business or trade-like activities

CB 6AECertain transfers of residential land included in settlement of claim under the Treaty of Waitangi

  1. This section applies to a transfer by a person (a transferor) of residential land that is subject to Te Ture Whenua Maori Act 1993 and is part of the settlement of a claim under the Treaty of Waitangi to a trustee of a trust that is a Maori authority (a recipient (person A)), or eligible to elect to be a Maori authority, under section HF 2(3)(e)(i) (Who is eligible to be a Maori authority?) (also recipient (person A)).

  2. For the purposes of sections CB 6A and CZ 39 (Disposal within 5 years: bright-line test for residential land: acquisition on or after 29 March 2018), the recipient (person A) of the transfer of the residential land has the bright-line acquisition date that the transferor had, if the transfer is made on or after 1 April 2022.

Notes
  • Section CB 6AE: inserted (with effect on 27 March 2021), on , by section 48(1) (and see section 48(2) for application) of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).