By Gerald:
Bright Line changing to 2 years for sellers
From 1st July New Zealand will see a surge in houses coming to market and the reason is that it formally was for 10years. This meant that selling ‘before’, would incur a Capital Gains Tax.
From 1st July New Zealand will see a surge in houses coming to market and the reason is that it formally was for 10years. This meant that selling before that would incur a Capitol Gains Tax.
This new development will surely cause the property market to be flooded with houses needing to be sold due to financial burdens which have been at the forefront of many a home owner and certainly investor/landlords as well.
The changes to the bright-line rule, which take effect from July 1, are expected to bring tax relief to property investors and make it easier for them to sell.
Under the current bright-line rule, vendors who sell a property that isn’t their main residence within 10 years of initial purchase are liable to pay tax on any capital gain they make.
The ‘rush’ is on to then alleviate the financial stresses which come with holding on to properties, as would have been the case for 10 ears to avoid the added BLT payment.
Now there is ‘relief’ as vendors/ owners/ landlords/ investors can SELL! BY 2nd JULY 2024 and not have to pay the Capital Gains Tax.
It is suggested to therefore get in touch with your real estate agent and begin discussions around the value of you property and the sale method. A sale which could then happen and conclude on the 2nd July will be ideal if you are feeling untold financial burden and need to ‘offload’ a property.
Get in touch today for that discussion before you have added competition from an already flooded property market.
It pays to get ahead of your situation
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