Not wishing to burst your bubble, but in New Zealand, if you buy a property with the puposes of making money on it, it is taxable as income at the full applicable income tax rate, Capital Gains Tax is irrelivent. The government recently turned down the need for capital gains tax, because income tax covers most scenarios.

The worse thing you can do is buy a property, do it up and sell it thinking you do not have to pay tax. This is naiive and the fact that some people do not declare this income and have not been caught yet, does not make it legal. My tax advisor is ex-IRD and keeps in touch with his old buddies at IRD – the main reason others have not had a tax demand is because the IRD have such a LARGE WORKLOAD already.

Regards