Brightline Changes from 1 July 2024
๐ Important Update from the IRD on Bright-line Property Rules ๐
Starting 1 July 2024, significant changes are coming to the bright-line property rule. Here's what you need to know:
๐๏ธ Key Date to Remember:
โ From 1 July 2024, the bright-line property rule applies only if you sell a property within 2 years of purchasing it.
๐
Selling Before 1 July 2024:
The current bright-line periods still apply:
โ Properties bought between 29 March 2018 and 26 March 2021: Bright-line period is 5 years.
โ Properties bought on or after 27 March 2021: Bright-line period is 5 years for qualifying new builds and 10 years for other residential properties.
๐ก Selling Your Main Home:
The bright-line property rule generally does not apply if you sell your main home. This remains unchanged, but the criteria are specific:
โ More than 50% of the property's area must be used as your main home.
โ The property must be used as your main home for more than 50% of the time you owned it.
โ If you build on the land, the construction period does not count towards determining your usage for the main home exclusion.
๐ New Rollover Relief Rules for Associated Persons:
โ The rollover relief rules are extended to cover transactions between associated persons:
โ Includes associated companies, relatives (within 2 degrees of relationship), trusts and their beneficiaries, partners and partnerships, and look-through companies and their owners.
โ Both the transferor and transferee must be associated for 2 years before the transfer.
โ Rollover relief can be claimed once in any 2-year period.
For specific accounting or taxation advice, please contact your accountant.
#adviceHQ #brightline #nzpropertyinvestor
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Prime Minister delivering apology
On Tuesday 12 November, the Prime Minister will deliver a public apology to survivors of abuse in care in Parliament.
You can register your interest to attend the event in Parliament, or if you want to watch it with friends, whฤnau or a support person you can attend an event at the Due Drops Event Centre in Auckland, Shed 6 in Wellington or the Christchurch Town Hall.
Contact the Crown Response Unit today:
Phone: 0800 717 017 (8:30am - 4:30pm Monday - Friday)
Email: contact@abuseinquiryresponse.govt.nz
Registration closes 4.30pm Monday 30 September.
Accommodation, travel and food costs will be covered. Travel assistance will be provided in forms of air travel, petrol vouchers, gift cards, and train, and bus tickets.
Poll: What does 'Kei te pฤhea koe' mean?
Te Wiki o te Reo Mฤori (Maori Language Week) is upon us and we always love to get involved.
Add your vote to the poll and share a phrase in te Reo Mฤori below to be in to win a $25 Prezzy card.
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4.4% You are finally here
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86.5% How are you (feeling)?
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1.4% There are two fish
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7.7% Pass the salt, please
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