Brightline Changes from 1 July 2024

Financial Adviser, Director from adviceHQ

🔊 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.

#adviceHQ #brightline #nzpropertyinvestor

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Witnesses sought in relation to mass disorder on K-Road Auckland

The Team from New Zealand Police

Police are appealing to the public for any footage they may have of the mass disorder that occurred on Karangahape Road in Auckland in the early hours of Sunday 28 December.
Emergency services were called to the disorder around 3.41am where it is estimated around over 50 people were present.

A Police investigation is underway after there were three serious assaults on and around Karangahape Road during the mass disorder.
A portal has been set up to allow the public to upload any footage they have of the disorder and the serious assaults.
The portal is https://dahr.nc3.govt.nz/

Police have arrested one person but are asking for help to identify and locate others involved.

• Around 4:15am there was a serious assault outside the Crown Bar on Queen Street.
A 33-year-old man received serious injuries and was hospitalised.
The offender is still unknown, and the Police file number is 251228/4647.

• Around 4:30am there was another serious assault on a Cobden Steet just off Karangahape Road.
A 27-year-old man received serious injuries and was hospitalised.
The offender is still unknown, and the Police file number is 251228/4462.

• Around 5am there was third serious assault at the Mobil Service Station on the corner or Karangahape Road and Ponsonby Road.
A 46-year-old man received serious injuries and was hospitalised.
A 21-year-old man has been charged with wounding with intent to cause grievous bodily harm.
He has been bailed to appear in court again on 16 January 2026.
The Police file number is 251228/4774.

Police would like to speak to anyone who has witnessed or filmed the assaults.

Witnesses can call Police directly on 105.
Please quote one of the above file numbers.

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The Team from Neighbourly.co.nz

The Ministry of Social Development is reporting that fake information is circulating about new ‘December bonuses’ or ‘benefit increases’

If you get suspicious communication, please contact Netsafe.