The Taxation (Bright-Line Test for Residential Land) Act 2015, took effect from 1 October 2015.
The changes mean that if you buy and sell residential property within two years after 1 October 2015 any gains made during that period may be taxable.
There are some exceptions. The new rules won’t apply to your main home, i.e. the home that is used as the principal place of residence by you or your family unless:
If you are concerned that the changes may affect you or want to discuss the consequences of your purchase before you commit please contact Grant Smith or Jim Eddy.