Join BDO Rotorua for this FREE seminar as we take a look at the New Residential Brightline test that is now enforce and what it means for you:
Overview of the new law and where it fits into existing property law
Trusts and the family home
Exemptions to the rules
Resident Land Withholding Tax (RLWT)
The new “Brightline test” came into effect 1 Oct 2015. What this means is that taxpayers who owned and sold residential property within 2 years of ownership, will now be taxed on the gains made.
With 25% of Auckland dwellings sold within 2 years and 59% of North Auckland residential properties sold within 12 months (and 29% of those within 3 months!) it was little wonder that new rules were going to be brought in to take the sting out of the property market.
The new tax is expected to curb speculator behaviour and add an extra $5 million in taxes collected annually. It has cost $5million to just get the legislation drafted to date.
As with any new legislation there is plenty to learn, fish hooks to avoid and sensible planning to undertake to mitigate your exposure to this new tax take.
Seats are limited so please RSVP as soon as possible.