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
Poll: Should drivers retake the theory test every 10 years?
Drivers get where they need to go, but sometimes it seems that we are all abiding by different road rules (for example, the varying ways drivers indicate around a roundabout).
Do you think drivers should be required to take a quick driving theory test every 10 years?
Vote in the poll and share any road rules that you've seen bent! ๐ฑ
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49.7% Yes
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48.4% No
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1.9% Other - I'll share below
Here's Thursday's thinker!
I am lighter than air, but a hundred people cannot lift me. What am I?
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Ryman's award winning lifestyle
Our residents and their families have spoken loud and clear: Ryman is their top choice in retirement living.
Weโre proud to be recognised by Canstar Blue for having the Most Satisfied Customers, which complements our tenth win of Readerโs Digestโs Most Trusted Brand.
As we celebrate 40 years since opening our first village, these recognitions reinforce Rymanโs commitment to exceptional care and excellence in retirement living.
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