Changes to the Brightline tax rule from 1 July
6 June 2024
The Brightline rule refers to a tax on capital gains from residential property sold within a certain timeframe. It most often applies to investment properties rather than the main home.
From 1 July 2024, the Brightline tax will only apply to a property sold within two years of purchase. This means that a property purchased before July 2022 will not be subject to the Brightline rule. Exemptions will continue for primary residences (main home), separation or relationship property transfers, certain transfers to trusts, and inheritances.
If you’re looking to buy or sell a property and unsure if the Brightline rule will apply to your situation, get in touch with us and we’ll help you understand how these changes will affect you.
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