A close friend of mine, who moved to Australia, is planning to sell his property in New Zealand. He needs some advice on whether he has to pay any taxes.
Here are the details:
- Bought the property in New Zealand in 2013.
- Lived there until December 2019.
- Moved to Australia...
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My overseas friend selling property in NZ
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National Government silent on brightline test
Hi all.
does anyone have any information on when the government is moving the brightline test back to two years?
They campaigned on it fairly hard but since the election they seem to have swept it under the carpet. I can't get an answer out of our local MPs office and all emails to the National... -
Bright-Line Taxation
Husband & wife purchase family home on 1700 sqm. July 2016.
Second dwelling (rental) built on same site and Code Compliance issued 2017.
Subdivison approved and title issued 2021 for rental in husbands name only. No money changed hands.
Plan is to sell rental this year or early... -
Expect a tax bill if you leave home for 12 mths and sell within 10 years
It's hard to disagree with Nicola Willis on this one - where the IRD in a couple of weeks will reveal the final version of the IRD interpretation of the Labour Government's 2021 changes to property taxes.
As it stands - the current IRD interpretation of the 10 year bright-line test is worrying... -
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, 03:53 PM. -
Repeal of interest deductions - fundamentally wrong
I can understand the capital gain tax increase (or bright-line if you want a more palatable term!) as most countries have some form of capital gains tax but taking away interest deductions is fundamentally wrong.
Owning an investment property is a business (as stated by the IRD). Businesses... -
bright line test
We purchased a section a year ago and we are building a house on it. It is jointly owned. Recently our daughter has returned to NZ and we will sell the property to her. Can I sell to the property to her at the cost of the section and building. If this is the case there will be no tax under the bright... -
bright line test
I intend to build a new investment property. I may sell within 5 years. If the bright line test is applied, would I calculate the value of the new home as the actual costs of building plus section or is it based on a valuation done when completed? The 2 numbers could be quite different. -
Paying tax on subdivided section
Situation- brought a house 2 years ago and done a full reno on it, we are currently going thru the process of subdividing the backyard and getting plans done up to build.
We have found another deal that has a far greater profit that we would like to try get.
We are thinking... -
Bright Line Test and Tax
If we buy a home, live in it and renovate it, spending 12+ months and several thousand dollars and then sell it, is it tax free capital gains?
I've read IRD determine what your intention was when you bought it, but who is to say they can prove our intention wasn't to keep it?
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