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Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Extension To The Bright-Line Test

April 23, 2018

From 29 March 2018 the bright-line test for residential property has been extended from 2-years to 5-years. This means any Capital Gains on the sale of your Rental Property (there is a main-home exemption) will be taxed if you buy and sell within a 5 year timeframe. The extended bright-line test only applies to properties for which an agreement to purchase the property was …

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Should Your Residential Rental Property Be GST Registered?

February 1, 2018

No. Residential rental properties are exempt from GST. You cannot charge or claim GST for the supply of residential rental accommodation, therefore there is no GST implications for this type of activity. This means that there is no GST claimable on the purchase of the property and there is no GST payable on the sale of the property.

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