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146 days ago

Brightline Changes from 1 July 2024

Financial Adviser, Director from adviceHQ

πŸ”Š Important Update from the IRD on Bright-line Property Rules πŸ”Š

Starting 1 July 2024, significant changes are coming to the bright-line property rule. Here's what you need to know:

πŸ—“οΈ Key Date to Remember:
βœ” From 1 July 2024, the bright-line property rule applies only if you sell a property within 2 years of purchasing it.

πŸ“… Selling Before 1 July 2024:
The current bright-line periods still apply:
βž– Properties bought between 29 March 2018 and 26 March 2021: Bright-line period is 5 years.
βž– 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:
βž– More than 50% of the property's area must be used as your main home.
βž– The property must be used as your main home for more than 50% of the time you owned it.
βž– If you build on the land, the construction period does not count towards determining your usage for the main home exclusion.

πŸ”„ New Rollover Relief Rules for Associated Persons:
βœ” The rollover relief rules are extended to cover transactions between associated persons:
βœ” Includes associated companies, relatives (within 2 degrees of relationship), trusts and their beneficiaries, partners and partnerships, and look-through companies and their owners.
βœ” Both the transferor and transferee must be associated for 2 years before the transfer.
βœ” 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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How should we celebrate Guy Fawkes Night? Vote in our poll and share your thoughts below.

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How should Guy Fawkes be celebrated?
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FREE Glaucoma NZ public symposium

Glaucoma NZ

Come along to the Glaucoma NZ β€˜Love your eyes’ Symposium in North Auckland– a free event for the local community. Register to attend right now.

This is your chance to learn more about glaucoma from Ophthalmologist Mark Donaldson and Optometrist Germaine Joblin. Hear about the latest treatments and surgeries. And what you need to know about glaucoma tests and eye drops. Have a question about glaucoma? Get it answered during the event Q&A time.

Morning tea will follow question time. Feel free to bring a friend or family member. Save your seat by registering online now.
Find out more

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Winner winner!

The Team from Neighbourly.co.nz

Congratulations to the winners of our $100 Mitre10 vouchers:

Justine Terrill from Mount Albert

Suzette Gibson from Nelson

Soumya Manoj from Lower Hutt

Millie George from Richmond Hill

If you're a winner, get in touch here.

Not a winner this week? There's always next week!

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