Brightline Changes from 1 July 2024
🔊 Important Update from the IRD on Bright-line Property Rules 🔊
Starting 1 July 2024, significant changes are coming to the bright-line property rule. Here's what you need to know:
🗓️ Key Date to Remember:
✔ From 1 July 2024, the bright-line property rule applies only if you sell a property within 2 years of purchasing it.
📅 Selling Before 1 July 2024:
The current bright-line periods still apply:
➖ Properties bought between 29 March 2018 and 26 March 2021: Bright-line period is 5 years.
➖ 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.
🏡 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:
➖ More than 50% of the property's area must be used as your main home.
➖ The property must be used as your main home for more than 50% of the time you owned it.
➖ If you build on the land, the construction period does not count towards determining your usage for the main home exclusion.
🔄 New Rollover Relief Rules for Associated Persons:
✔ The rollover relief rules are extended to cover transactions between associated persons:
✔ Includes associated companies, relatives (within 2 degrees of relationship), trusts and their beneficiaries, partners and partnerships, and look-through companies and their owners.
✔ Both the transferor and transferee must be associated for 2 years before the transfer.
✔ Rollover relief can be claimed once in any 2-year period.
For specific accounting or taxation advice, please contact your accountant.
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Builder: Small to Medium Jobs
The below phots - start to finish 7 working days. widened the cupboards, rebuilt insitue, new tops, paint and splash back.
During this past month I have performed many repairs, small building and upgrading jobs in several homes on the North Shore, my area work base. I’m a Sole Charge operation, all discussion and quoting, project management and product purchase, then doing the work myself.
I have a fellow builder mate to help on some of my jobs, between us we have at least 90 years experience, not bad for 2 guys. I’ve been swinging a hammer for over 5o years and Mike 40 years.
I specialise in small jobs, all those little things that should be adjusted, repaired or replaced and you keep putting off, simply because you don’t know how or where to get your maintenance brought up to scratch.
Please realise it’s way more cost effective to keep up to date with your maintenance than leave it and find that the original problem has now helped wear out something else. Now you have more than one piece to be fixed and subsequently, you guessed it, the job will cost more.
I don’t charge for my first visit, yes, Free. We can discuss your maintenance job be it big or small.
Feel free to contact me.
bruceurlich1@gmail.com text or call Bruce 0212121480
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What's your favourite recipe for courgettes?
Kia ora neighbours. If you've got a family recipe for courgettes, we'd love to see it and maybe publish it in our magazine. Send your recipe to mailbox@nzgardener.co.nz, and if we use it in the mag, you will receive a free copy of our January 2025 issue.
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