The Minister of Revenue announced that a Supplementary Order Paper to the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill has been introduced to extend the bright-line period from 2 to 5 years.

 

What does that mean for you?

 

If you are thinking of selling land/property, other than your family home, and have owned this less than 5 years it's likely that you will fall under the bright-line period and be subjected to capital gains tax but you have a small window of opportunity between now and when the Bill becomes an Act (Royal Assent) to sell your property without incurring the capital gains tax (as long as you've owned it for more than 2 years).

This is important for anyone considering selling property (other than the family home) over the next 5 years, please feel free to ring us to discuss your situation.