Brightline Changes from 1 July 2024
🔊 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
Poll: If we want to reduce speeding, what do you think actually changes driver behaviour? 🛻🚨🚓
In the Post's article on speeding penalties, the question is asked whether speeding fines are truly about road safety, or are they just a way to boost revenue for the Crown?
What do you think? Should speeding motorists receive speeding fines or demerit points?
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37.8% The sting of a fine (Money talks!)
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62.2% The threat of demerit points (Nobody wants to lose their license!)
Denim, but make it one-of-a-kind 💙
Not every pair of jeans makes it to the rack... but that doesn’t mean their story ends there. Our talented volunteer Annie has been transforming damaged denim into handcrafted bags, hats and aprons in our Onehunga SPCA Op Shop ✂️🧵
This latest batch even features her own hand-sewn designs, and customers have been loving them, they sell almost as soon as they hit the shelf!
It’s creativity, sustainability and community all stitched together, helping animals in need 🐾
📍 217 Onehunga Mall, Onehunga
🕘 9am–5pm, 7 days
March madness has arrived at our East Tamaki SPCA Op Shop Clearance Outlet!
Pop in to our East Tamaki shop to grab:
💥 All women’s fashion nothing over $5 — available in in back of shop only (excludes front of shop) from 1-31 March 2026
🛍 Fill a bag for $5 — your choice from our clearance bins!
Visit us at 30 Springs Road (On the corner Springs Rd & Kerwyn Ave).
We're open Monday to Saturday from 10am–4pm.
🛑 East Tamaki ONLY! Not available at any other SPCA Op Shop
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