Tax changes dampen property speculation

 

PHOTO: “The extension of the previous government’s bright-line test will help dampen property speculation and make homes more affordable,” Mr Nash says.

Revenue Minister Stuart Nash has confirmed the bright-line test on residential property sales will be extended from two years to five years in legislation currently making its way through Parliament.

Mr Nash will introduce a Supplementary Order Paper to the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill to give effect to the changes, which were signalled prior to the election.

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