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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."
So It's time for another Census.
This year Census Stats NZ is encouraging everyone to complete their census online. If you don't have access to a computer, you can visit your local CAB with your unique code. UH CAB has a laptop available for you to complete the Census.
How did it go for you?
The beginning of a new era?
www.nzherald.co.nz...
Personally, after getting "timed out" 3 times: (Once to answer a phone call. Then a dash out to the clothes line to grab items from the rain, followed by a knock on the door) - I gave up and have asked for a … View moreHow did it go for you?
The beginning of a new era?
www.nzherald.co.nz...
Personally, after getting "timed out" 3 times: (Once to answer a phone call. Then a dash out to the clothes line to grab items from the rain, followed by a knock on the door) - I gave up and have asked for a paper copy.
Also had no idea how former qualifications relate to NCEA.
I could find no info as to how long the page can stay open.
What are your experiences / thoughts?
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
Upper Hutt Library members can create temporary accounts at Hutt City Libraries while the council prepares a pop-up library.
Comments may be used in print unless specified otherwise if NFP.
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.
In a showing of neighbourly goodwill Hutt City Libraries has opened its doors to readers from Upper …
MESSY CHURCH IS THIS SUNDAY!! Yes, you read right - Messy Church is a fun way of doing church & involves activities, food, & lots of fun!
We are looking forward to seeing you, your friends, whanau & neighbours - all are welcome!😁
See you from 10.00am at St Hilda's Upper Hutt … View moreMESSY CHURCH IS THIS SUNDAY!! Yes, you read right - Messy Church is a fun way of doing church & involves activities, food, & lots of fun!
We are looking forward to seeing you, your friends, whanau & neighbours - all are welcome!😁
See you from 10.00am at St Hilda's Upper Hutt hall in Cruickshank Road!😊
A resident on a rural road is pleased his concerns over a logging truck route in his area have been …
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!!
Hey neighbours, listen up! Summer holidays are over and it's time to focus back on your entertaining space at home. Accomplish those decorating and DIY projects before March Madness has you muddled!
Pop into your local Resene ColorShop for 25% off Resene premium paints, wood stains, … View moreHey neighbours, listen up! Summer holidays are over and it's time to focus back on your entertaining space at home. Accomplish those decorating and DIY projects before March Madness has you muddled!
Pop into your local Resene ColorShop for 25% off Resene premium paints, wood stains, primers and sealers, wallpaper, decorating accessories and cleaning products. Discount is off the normal retail price at Resene owned ColorShops and participating resellers.
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