Bright-line test update
Thanks to the Todd Walker Law team for this update
Revenue Minister Stuart Nash has confirmed that the bright-line test on residential property sales will be extended from two years to five years. Legislation is working its way through Parliament to effect this change with the aim of dampening property speculation and improve housing affordability.
This extension will apply to residential properties where the first interest was acquired after the date the amendment comes into force, which is excepted to be in March.
The current exemptions from the bright line test will continue to apply.