Posts by adviceHQ
546 days ago

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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More messages from your neighbours
2 days ago

Poll: Are our Kiwi summer holidays helping us recharge, or holding the economy back? ☀️🥝

The Team from Neighbourly.co.nz

There’s growing debate about whether New Zealand’s extended Christmas break (and the slowdown that comes with it) affects productivity.

Tracy Watkins has weighed in ... now it’s your turn. What’s your take? 🤔

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Are our Kiwi summer holidays helping us recharge, or holding the economy back? ☀️🥝
  • 72.7% We work hard, we deserve a break!
    72.7% Complete
  • 16.5% Hmm, maybe?
    16.5% Complete
  • 10.8% Yes!
    10.8% Complete
556 votes
17 hours ago

Brain Teaser of the Day 🧠✨ Can You Solve It? 🤔💬

The Riddler from The Neighbourly Riddler

How many balls of string does it take to reach the moon?

(Peter from Carterton kindly provided this head-scratcher ... thanks, Peter!)

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!

Want to stop seeing these in your newsfeed? No worries! Simply head here and click once on the Following button.

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16 days ago

Some Choice News!

Kia pai from Sharing the Good Stuff

Many New Zealand gardens aren’t seeing as many monarch butterflies fluttering around their swan plants and flower beds these days — the hungry Asian paper wasp has been taking its toll.

Thanks to people like Alan Baldick, who’s made it his mission to protect the monarch, his neighbours still get to enjoy these beautiful butterflies in their own backyards.

Thinking about planting something to invite more butterflies, bees, and birds into your garden?

Thanks for your mahi, Alan! We hope this brings a smile!

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