Updates to the brightline tax rules come into effect from 1 July 2024
Prior to the holidays, there was an announcement by the new government about an update to the Brightline test:
In the announcement, Finance Minister Nicola Willis said “Today I am announcing our immediate decision to bring the brightline test for residential property back to two years, effective from 1 July 2024. Removing this effective capital gains tax means that properties sold after 1 July 2024 will only be subject to the rule if owned for less than two years.”
Here is the full announcement by Finance Minister Nicola Willis https://beehive.govt.nz/release/first-steps-tax-and-income-relief-announced
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