CA ANZ Core 4 Tax (NZ) Practice Questions - CA Program - Core 4 Tax (New Zealand) Exam

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A taxpayer buys land with the dominant purpose of resale at a profit. When the land is sold at a gain, how is the gain treated?

It is assessable income because land acquired for the purpose of disposal is taxed under the land sale rules It is always a tax-free capital gain It is exempt because New Zealand has no capital gains tax It is taxed only if the land was held for less than two years

Correct Answer:

It is assessable income because land acquired for the purpose of disposal is taxed under the land sale rules

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