Brightline Changes from 1 July 2024
π Important Update from the IRD on Bright-line Property Rules π
Starting 1 July 2024, significant changes are coming to the bright-line property rule. Here's what you need to know:
ποΈ Key Date to Remember:
β From 1 July 2024, the bright-line property rule applies only if you sell a property within 2 years of purchasing it.
π
Selling Before 1 July 2024:
The current bright-line periods still apply:
β Properties bought between 29 March 2018 and 26 March 2021: Bright-line period is 5 years.
β 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.
π‘ 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:
β More than 50% of the property's area must be used as your main home.
β The property must be used as your main home for more than 50% of the time you owned it.
β If you build on the land, the construction period does not count towards determining your usage for the main home exclusion.
π New Rollover Relief Rules for Associated Persons:
β The rollover relief rules are extended to cover transactions between associated persons:
β Includes associated companies, relatives (within 2 degrees of relationship), trusts and their beneficiaries, partners and partnerships, and look-through companies and their owners.
β Both the transferor and transferee must be associated for 2 years before the transfer.
β 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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Todayβs Mind-Bender is the Last of the Year! Can You Guess It Before Everyone Else? πππ²
I dance in the sky with green and gold, a spectacle few are lucky to behold; Iβm best seen in the south, a celestial sightβwhat am I, lighting up the New Zealand night?
Do you think you know the answer? Simply 'Like' this post and we'll post the answer in the comments below at 2pm on the day!
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Poll: Is it ok to regift something that you have been given?
π Holiday Gift Chat!
Do you ever regift?
Whatβs your take on asking for a receipt if a gift doesnβt fit?
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78.7% Yes! It's better to regift what I don't need
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21.3% No. It's the thought and effort that matters
Poll: ποΈ Would you be keen to switch to a fortnightly rubbish collection, or do you prefer things as they are?
Aucklanders, our weekly rubbish collections are staying after councillors voted to scrap a proposed trial of fortnightly pick-ups.
We want to hear from you: would you be keen to switch to a fortnightly rubbish collection, or do you prefer things as they are?
Keen for the details? Read up about the scrapped collection trial here.
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84.1% Same!
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15.9% Would have liked to try something different
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