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
Worst Xmas ever?
There's a a lot of planning that goes into Christmas day and sometimes things just don't go to plan. But it can be a good thing - a family mishap or hilarious memory that you can laugh about in Christmases to come.
Whether you burnt the dinner or were stranded at an airport...
Share your Christmas mishaps below!
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⚠️ DOGS DIE IN HOT CARS. If you love them, don't leave them. ⚠️
It's a message we share time and time again, and this year, we're calling on you to help us spread that message further.
Did you know that calls to SPCA about dogs left inside hot cars made up a whopping 11% of all welfare calls last summer? This is a completely preventable issue, and one which is causing hundreds of dogs (often loved pets) to suffer.
Here are some quick facts to share with the dog owners in your life:
👉 The temperature inside a car can heat to over 50°C in less than 15 minutes.
👉 Parking in the shade and cracking windows does little to help on a warm day. Dogs rely on panting to keep cool, which they can't do in a hot car.
👉 This puts dogs at a high risk of heatstroke - a serious condition for dogs, with a mortality rate between 39%-50%.
👉 It is an offence under the Animal Welfare Act to leave a dog in a hot vehicle if they are showing signs of heat stress. You can be fined, and prosecuted.
SPCA has created downloadable resources to help you spread the message even further. Posters, a flyer, and a social media tile can be downloaded from our website here: www.spca.nz...
We encourage you to use these - and ask your local businesses to display the posters if they can. Flyers can be kept in your car and handed out as needed.
This is a community problem, and one we cannot solve alone. Help us to prevent more tragedies this summer by sharing this post.
On behalf of the animals - thank you ❤️
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