Pay thousands if you get it wrong.
The big problem is because of the constant changes.
The IRD has changed the bright-line period 4 times over the last 9 years.
๐๐๐ป ๐ณ๐ฎ๐ฐ๐: thatโs more times than we’ve had changes in government over the same period!
Here’s a breakdown of the timeline:
โ Introduced in 2015: 2-year bright-line period.
โ Extended to 5 years in 2018.
โ Further extended to 10 years in 2021.
โ Now, itโs back to 2 years for property sold on or after 1 July 2024.
For property sold ๐ฃ๐ฆ๐ง๐ฐ๐ณ๐ฆ 1 July 2024, different timeframes apply.
And so here’s a free resource to get you started.
Check out IRDโs free property tax decision tool on their website.
Itโs a quick and simple tool to help you work out if the property you are buying and selling is taxable under any of the property rules. It only takes 7 minutes to complete, so why not give it a try?
Here is the link: https://lnkd.in/g426jydD
I help Kiwi property owners save thousands in taxes by protecting them from costly errors.
๐ Download my free book: 10 Big Property Tax Mistakes That Cost Thousands
https://lnkd.in/g_W7WNQK
๐ Follow me for more tax tips and insights.
โ๏ธ Join my mailing list for exclusive content and tax advice:
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