Keep tax statements for a decade, lawyers told

by Sol Dolor14 Sep 2018

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.