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:
âś” From 1 July 2024, the bright-line property rule applies only if you sell a property within 2 years of purchasing it.
đź“… Selling Before 1 July 2024:
The current bright-line periods still apply:
âž– Properties bought between 29 March 2018 and 26 March 2021: Bright-line period is 5 years.
âž– 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:
âž– More than 50% of the property's area must be used as your main home.
âž– The property must be used as your main home for more than 50% of the time you owned it.
âž– 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:
âś” The rollover relief rules are extended to cover transactions between associated persons:
âś” Includes associated companies, relatives (within 2 degrees of relationship), trusts and their beneficiaries, partners and partnerships, and look-through companies and their owners.
âś” Both the transferor and transferee must be associated for 2 years before the transfer.
âś” Rollover relief can be claimed once in any 2-year period.
For specific accounting or taxation advice, please contact your accountant.
#adviceHQ #brightline #nzpropertyinvestor
Government targeted relief
My sister is a Pensioner living in Wellsford. She has an appointment at North Shore Hospital tomorrow afternoon at 2.45pm. The 160km round trip would cost about $50 which is too expensive. Instead, she will be taking a free shuttle leaving from Wellsford at 8am tomorrow, so will have almost 6 hours wait at hospital . It is not only families with children who are struggling. I do understand that not everyone can be accommodated in the relief, but just saying.
Poll: How important is the ability to book a doctor’s appointment online?
Hi Neighbours
Here at The Doctors we would love to hear how you prefer to book your doctor’s appointments. With busy schedules, different people find different methods easier.
For some, online booking is very convenient, you can make an appointment anytime without needing to wait on the phone. Others still prefer calling the clinic and speaking to a real person, especially if they have specific questions about their visit.
Your feedback helps us understand what works best for our patients and how we can improve access to care.
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0% I prefer booking online whenever possible
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0% Online booking is helpful but not essential
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0% I prefer calling the clinic
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0% I didn’t know online booking was available
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