Although not all enacted into law the new residential property taxation rules have effect from 1 October 2015!!
The "Brightline Test" means that any residential property apart from the "main home" that is sold within two years of purchase is a taxable sale. Any gain will be taxable, (any loss will only be deductible against future residential property sale gains).
The main home can be a property owned by a Trust if it is the main home of a beneficiary of the Trust, (however if the settlor of a trust has a main home outside the Trust the Trust cannot own a main home for anyone else).
Land used predominantly as farmland or a business premises will be exempt however farmland must be capable of operation as an economic unit. This may mean that small or "lifestyle" Orchards and farms are subject to the new rules.
All buyers and sellers of residential property excluding the "Main Home" will have to supply IRD Numbers. Non residents will in addition have to supply their home country tax identification number and have a NZ bank account.
This all gives support to the strongest growth industry in the country, that of bureaucracy and legal complexity, unfortunately it is an industry that reduces growth and increases costs.