54CInformation in relation to payment of RLWT

1. This section applies if a person (the vendor) disposes of residential land (the disposal), and the bright-line date for the residential land is either within 5 years if section CZ 39 applies, or within 10 years or 5 years, as the case may be, if section CB 6A applies, of—

2. the date on which the instrument to transfer the land to the person was registered under the Land Transfer Act 1952; or
3. the latest date on which they acquire the estate or interest in the residential land, if an instrument to transfer the land to the person is not registered on or before the bright-line date.

4. This section does not apply if the relevant date for the vendor under subsection (1)(a) or (b) is before 1 October 2015.

5. The vendor must give to their conveyancer, or if they do not have a conveyancer or they are associated with the purchaser, give to the purchaser’s conveyancer or the purchaser, information in relation to RLWT, in the form prescribed by the Commissioner, before the relevant residential land purchase amount is paid.

6. The information must be accompanied by relevant and appropriate documents, as prescribed by the Commissioner.

7. The information that a vendor must give includes—

8. their full name, address, and tax file number; and
9. whether or not they are an offshore RLWT person; and
10. if they are an offshore RLWT person,—
    1. whether or not they are associated with the purchaser; and
    2. whether or not section RL 1(2)(a) of the Income Tax Act 2007 applies for the disposal.

11. If the vendor is not an offshore RLWT person, the following people must verify, as prescribed by the Commissioner, the information and any relevant and appropriate documents:

12. in the case of a vendor company or a look-through company, a director who is not an offshore RLWT person:
13. in the case of a vendor limited partnership, a general partner of the partnership who is not an offshore RLWT person:
14. in the case of a vendor trust, a trustee of the trust who is not an offshore RLWT person.

15. The person who receives the information must keep and retain the information for a period of at least 7 years, unless they receive the information as the purchaser. If they receive the information as the purchaser, they must give a copy of it to the Commissioner within 1 month of receiving it, but they do not have to keep and retain the information afterwards.