Property tax rules changed from 1 October 2015. These changes are referred to as the ‘Bright Line Rules’.
Bright line rules apply to residential properties. Where these rules apply, income tax is payable on income earned from buying and selling a house within two years.
There are some exemptions to the rule, depending on circumstances of the taxpayer.
If you have purchased property on or after 1 October 2015, and intend to sell please contact us to discuss prior to entering into an agreement. Understanding your exposure to these rules will ensure you avoid any unexpected tax surprises.
Property tax law is complex. Our recommendation is that you contact us to discuss any property transactions prior to entering into a contract.
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