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Introduction of Residential Land Withholding Tax
Release date: July, 2016
From 1 July 2016 Residential Land Withholding Tax (RLWT) will need to be deducted from some residential property sales. We have reviewed conveyIT workflows and precedents to incorporate RLWT requirements.
As well as additional tasks to the Open File Stage we have added a new group of tasks for RLWT ensuring these tasks are only visible on the occasions that RLWT applies. Select “Modify Settings” and “Residential Land Withholding Tax Tasks” to bring these tasks in to your workflow.
We have amended Sale and Purchase Explanatory Notes and the Sale Settlement Checklist. A new RLWT letter has been added to be included with the RLWT Declaration (IR1101) when appropriate.
We will be rolling out these changes to Maestro today (1 July) with roll out to Infinitylaw and Standard over the next few days.
Release date: May, 2016
The Taxation (Residential Land Withholding Tax, GST on Online Services and Student Loans) Act 2016 received Royal Assent on 13th May 2016 and comes into effect 1st July 2016. As part of our continual content review, we are working on any amendments to Maestro to take account of this.
Further information can be found here
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