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: 🤖 What skills do you think give a CV the ultimate edge in a robot-filled workplace?
The Reserve Bank has shared some pretty blunt advice: there’s no such thing as a “safe” job anymore 🛟😑
Robots are stepping into repetitive roles in factories, plants and warehouses. AI is taking care of the admin tasks that once filled many mid-level office jobs.
We want to know: As the world evolves, what skills do you think give a CV the ultimate edge in a robot-filled workplace?
Want to read more? The Press has you covered!
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56.6% Human-centred experience and communication
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13.2% Critical thinking
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26.3% Resilience and adaptability
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3.9% Other - I will share below!
ENGLISH CONVERSATION GROUP 😁 Mairangi Bay Presbyterian Church, 8-10 Penzance Road, Mairangi Bay
Need help learning English ? 😄 Join us at our friendly church for the English Conversation Group starting next Wednesday 25th February 1pm - 230pm. No skill level required. We can also help you with any questions you may have about settling in this lovely country ❤️ Easy parking by the door. This has become more of a "social group" we are not formal like a class, we chat, we laugh, its all very fun and relaxed! All welcome! See you there.😄 Cheers Helen
ENGLISH CHAT GROUP 😁 Forrest Hill Church, 151 Forrest Hill Road, Forrest Hill
Join us at our English Chat Group on Monday 23rd February. The morning session is 🌻 10am-12pm 😄and the evening session is 7pm- 830pm. Come to one or both, whichever suits you. Learn some new words or practise some old ones. No skill level required. Tea ☕️ & biscuits🍪 provided. A gold coin donation 🪙appreciated to cover costs, but not necessary. Everybody welcome. Bring a friend along if you wish. Laughter & fun guaranteed! 🤣🍒 See you there! Cheers Helen
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