Property Update: Bright-line Update.
Important Change to Bright Line Test. The previous bright-line property rule has been repealed from 1 July 2024 and the five and ten years bright-line test has now shortened to two years.
From 1 July 2024, if you sell a residential property within two years of acquisition, the proceeds will be taxed unless the main home or other exemption applies.
Timing is an important factor to consider when deciding whether to buy or sell a residential property.
If you feel you could use some specialist advice, don’t hesitate to contact the Property or Commercial Team.
