• Bright-line property rule is now law

    19 November at 10:08 from atlas

    The bright-line rule Government proposed as part of Budget 2015 has just passed into law. This rule will apply to residential property bought on or after 1 October 2015. 

    What's changing?

    The new bright-line rule requires people who sell residential property within two years of buying it to pay income tax on the sale, unless:

    it's their main home

    they inherited the property 

    they receive a property as a part of a relationship settlement.

    All existing property tax rules, for example the intention test, still apply. The brightline rule only applies to residential property. Business premises and farmland are not subject to this rule

    IRD have created a webpage for people who buy, sell or transfer property. It covers all property changes that apply from 1 October 2015, including the new bright-line rule. Please take a look: www.ird.govt.nz/propertychanges

 

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