Bond accounts closed, redirect mail, file the matter for tax records.
What happens at this step
After settlement, a few admin items remain. Mail forwarding, utility account closure, and (where relevant) bright line tax calculations. If the property was an investment held under five to ten years, the bright line test may apply and a tax return is needed.
What NZ Legal does
We provide the final settlement statement to your accountant. We confirm the closure of any trust account balances. We retain the file in case of any post-settlement disputes (rare but possible, especially around chattels or undisclosed defects).
What you do
Redirect your mail. Close utility accounts. Send the settlement statement to your accountant for any bright line or rental income adjustments. Keep our records in case of dispute.
Common pitfalls
- Not running the bright line calculation in time. Penalty interest can stack up fast.
- Forgetting to close NZ Post mail forwarding before being charged again.
- Discarding the settlement file. Keep records for at least seven years.
