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Family trust winding up and Bright-Line test

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  • erinak
    replied
    Maybe approach IRD? (I think), and ask them. I don't know how that would stack up but at least you will get a definitive answer. They may waive it or argue that you were fully aware of the implications. Pesumably you were.....

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  • Perry
    replied
    Originally posted by Jinsean View Post
    Just thinking it no longer serves the purpose...
    What was the original purpose?
    If it's no longer still valid, perhaps the costs of winding up (now) would be a waste of money?

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  • erinak
    replied
    My understanding is yes, it will apply as you have not owned it for at least 5 years, but I stand corrected.

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  • Jinsean
    replied
    Originally posted by Perry View Post
    Why the proposed wind-up?
    Just thinking it no longer serves the purpose...

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  • Perry
    replied
    Why the proposed wind-up?

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  • Jinsean
    started a topic Family trust winding up and Bright-Line test

    Family trust winding up and Bright-Line test

    Hello,

    Bought a rental property through the Family Trust in 2020. Now considering to wind up the Trust. Is the Bright-Line Test rule going to apply here?

    My family lawyer and I are the trustees, my children and I beneficiaries.

    Thanks.
    Last edited by Perry; 13-09-2021, 04:53 PM.
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