by Munro Benge | Aug 31, 2018 | Property, Technical Updates
On 31 August 2018, Inland Revenue released draft Question We’ve Been Asked (QWBA): “Income tax — bright-line test — main home exclusion — sale of subdivided section”. The draft QWBA explains when a section subdivided from a residential property sold within the...
by Munro Benge | Aug 31, 2018 | Property, Technical Updates
On 31 August 2018, Inland Revenue released draft Question We’ve Been Asked (QWBA): “ income tax — bright-line test — farmland and main home exclusions — sale of lifestyle blocks”. The draft QWBA explains when lifestyle blocks sold within the bright-line period will be...
by Munro Benge | Mar 15, 2018 | Newsletters, Property
Revenue Minister Stuart Nash has confirmed the bright-line test on residential property sales will be extended from two years to five years. At present, income tax must be paid on any gains from residential property sold within two years of acquisition, with some...
