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Legislation which will extend the bright line test on residential property sales from two years to five years is about to enter Parliament.
Revenue Minister Stuart Nash today confirmed he is introducing a Supplementary Order Paper to the Taxation (Annual Rates for 2017-18, Employment and … View moreLegislation which will extend the bright line test on residential property sales from two years to five years is about to enter Parliament.
Revenue Minister Stuart Nash today confirmed he is introducing a Supplementary Order Paper to the Taxation (Annual Rates for 2017-18, Employment and Investment Income, and Remedial Matters) Bill to give effect to the changes.
The previous National government introduced the bright line test which requires income tax to be paid on any gains from residential property sold within two years of acquisition, with some exceptions.
Nash says the extension means that profits from residential investment properties which are bought and sold within five years will generally be taxable.
The changes, which were signalled by the Labour Party prior to last year’s election, will help dampen property speculation and make homes more affordable, he says.
"It will ensure that property speculators pay income tax on their gains and makes property speculation less attractive.
“We need investment which grows the economy and creates jobs, not the sort of investment which distorts the residential housing market.”
Not only will the measure bring fairness back into the tax system, but reducing speculative demand will help improve housing affordability for owner-occupiers, Nash says.
Current exemptions from the bright line test will remain. They include the sale of an owner-occupier’s main home, inherited property, or the transfer of property in a relationship settlement.
The extension to the bright-line test will apply to residential investment properties purchased from the date on which the bill receives the Royal Assent, which is expected in March.
Nash adds that the passage of the bill will also enable the Tax Working Group to factor the change into any consideration of a comprehensive capital gains tax.
Auckland Property Investors Association president Andrew Bruce has previously said that the changes will impact on property speculators rather than long-term investors.
"The majority of property investors are in it for the longer than five years and are unlikely to feel massive levels of pain with the extension of the bright line test."
ghd IV lemon - candy collection
Fairly new, only used a few times .. still in box and in good working condition ... $100 today
Meet #LeadingTheCharge as they travel north from Bluff to Cape Reinga.
Ask about electric vehicle ownership, check out the cars and if you fancy, there will even be a selection of cars available for you to test drive.
12 - 4pm, Thursday 22 March
Dowse Square, Laings Road, Lower Hutt
Cirque Grande is a brand-new circus on its very first tour in New Zealand and performing in Lower Hutt from 8th – 18th March! The big top will be based at Avalon Park.
An all new circus sensation presenting world class acts from around the globe, it brings a fresh and exciting new look to the… View moreCirque Grande is a brand-new circus on its very first tour in New Zealand and performing in Lower Hutt from 8th – 18th March! The big top will be based at Avalon Park.
An all new circus sensation presenting world class acts from around the globe, it brings a fresh and exciting new look to the circus in NZ. You will be amazed and dazzled, you will fall off your seat laughing, you will gasp in awe and fear! With award winning acts from international circus competitions, this show really is an unmissable event – book now!
Location Perfect, 1/406 Fergusson Drive, Heretaunga
An opportunity not to miss
Call Marc for further information
SOLD! SOLD! SOLD! 10 Jade Crescent,
record result! team work pays off
For a current market appraisal on your property,
please call me today
A rare opportunity to learn from the world's top expert on measuring the financial return on Learning & Development, Organisational Development and Human Resources programmes. Nobody knows more than Patti Phillips does.
As the world's leading expert in this field, Patti has worked… View moreA rare opportunity to learn from the world's top expert on measuring the financial return on Learning & Development, Organisational Development and Human Resources programmes. Nobody knows more than Patti Phillips does.
As the world's leading expert in this field, Patti has worked with organisations in 70 countries and has authored over 50 books on accountability.
Join Dr Patti Phillips at Cliftons Wellington - Tuesday 15th May 2018.
ROI = Return On Investment
Want to tap into the power of social media to grow your business? Then check out these tips on how to harness the latest trends, choosing the right social media channels, outsourcing and more – so you can use social as a powerful tool to engage with your audience, drive sales, and build your … View moreWant to tap into the power of social media to grow your business? Then check out these tips on how to harness the latest trends, choosing the right social media channels, outsourcing and more – so you can use social as a powerful tool to engage with your audience, drive sales, and build your brand.
No matter where your family is going, and what you’re taking with you, the Santa Fe will get you there. Now available from RSP $49,990 + ORC*
Hi there! I’m Ada, your neighbour from Trentham, Upper Hutt. With a group of other 4 fellow neighbours we will support the work Cancer Society Wellington does participating in Relay for Life Wellington 2018.
Relay for Life is an event during which we Celebrate with survivors, Remember loved … View moreHi there! I’m Ada, your neighbour from Trentham, Upper Hutt. With a group of other 4 fellow neighbours we will support the work Cancer Society Wellington does participating in Relay for Life Wellington 2018.
Relay for Life is an event during which we Celebrate with survivors, Remember loved ones lost to cancer and come together as a community to Fight back against cancer. This year, the Relay for Life Wellington event is at Frank Kitts Park, from 3pm on Saturday 17th March to 9 am on Sunday 18th March.
How CAN YOU HELP? Please donate to me and my team ‘L@s Primes’ by giving whatever you can (nothing is too little!) when visiting our page relay-for-life-wellington.everydayhero.com...
The more people that know about Relay for Life Wellington 2018, the greater the impact, so please also spread the word by sharing our page with your friends, family, co-workers and neighbours.
Thank you in advance for your generosity, it means a lot!!
Get a team together for a fun quiz night out!
Popular Charity Quiz Nights are back. Sprig and Fern Petone are co-hosting with Bellyful Hutt Valley quiz nights ALL of MARCH.
Only $2 pp with raffles available to win on the night plus spot prizes.
Help raise money towards the cost of our … View moreGet a team together for a fun quiz night out!
Popular Charity Quiz Nights are back. Sprig and Fern Petone are co-hosting with Bellyful Hutt Valley quiz nights ALL of MARCH.
Only $2 pp with raffles available to win on the night plus spot prizes.
Help raise money towards the cost of our ingredients, so we can continue to provide free meals to our community
Curious for more check out this link: www.eventfinda.co.nz...
Council is in the early stages of strengthening protections for important native flora and fauna habitats and coastal and inland landscapes and features.
Council is now starting a series of drop-in information sessions for property owners who have had potential sites identified on their land. The … View moreCouncil is in the early stages of strengthening protections for important native flora and fauna habitats and coastal and inland landscapes and features.
Council is now starting a series of drop-in information sessions for property owners who have had potential sites identified on their land. The sessions provide additional opportunities for affected property owners to have one-on-one discussions with Council staff, ecologists and landscape architects.
The first drop-in session is at the Kelson Community Centre, 5A Timaru Grove, Kelson between 4 and 8pm on Wednesday 7 March.
Another will be held at East Harbour Women’s Clubrooms, 145 Muritai Drive, Eastbourne between 4 and 8pm on Monday 12 March.
A Wainuiomata session will be announced once a date and venue have been confirmed.
More information is available via the link below.
The extended four-month public submission period for District Plan Change 43 – Residential and Suburban Mixed Use is in its last days.
But you still have time to have your say. Submissions need to be in on Friday 9 March at 5pm.
The link below has details on the proposed changes, online and … View moreThe extended four-month public submission period for District Plan Change 43 – Residential and Suburban Mixed Use is in its last days.
But you still have time to have your say. Submissions need to be in on Friday 9 March at 5pm.
The link below has details on the proposed changes, online and downloadable submission forms and contact details if you have questions or need advice on making a submission.
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