Articles by Matthew Gilligan
Today (20 December 2023) the coalition government announced that the bright-line test will be reduced to two years from 1 July 2024.
This is what Nicola Willis had to say:
"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."
At GRA we are very pleased, not only with the reduction of bright-line timeframe, but also that the government have followed through and done what they said they would.
A two-year timeframe is fairer for genuine investors, while still capturing those who are really traders but who would have liked to pose as ‘long-term investors’ in order to avoid paying tax on the capital gains they make.
We expect the definition of “sale” will likely be a binding contract, but we need to wait for the detail to be confirmed. We will keep you posted as the details come to light.
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