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.
As your accountants can do so much more than just the bookkeeping. We’ve outlined 5 key areas where we can offer deeper, business-critical advice and support.
It's that time again and Moving Day is upon. Moving Day' is a big day in the farming industry. To help you with a smooth transition here are some tips: Early preparation Make sure sharemilker or contract milker contracts are signed. Plan a farm inspection with relevant parties (farm owner, incoming and outgoing sharemilkers, farm manager, advisor). Recruit and finalise employment agreements for new farm staff. Communicate plans and dates with everyone involved. Contact your insurer and utility providers. Farm owner responsibilities Make sure employees leave the houses clean and tidy. Carry out house inspections for maintenance. Comply with healthy home standards. Confirm departure and arrival times with tenants. Consider drug testing, if needed. Animal movements and biosecurity Plan animal movements carefully. Clean and disinfect farm equipment and machinery. Minimise the risk of introducing exotic pests. About 5,000 farmers do this every year. Talking clearly and planning well makes this important farming tradition go smoothly.
Interest rates are always moving, but agricultural loans in New Zealand often come with tighter conditions and higher interest rates.
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