The Government has announced bright-line changes are coming, namely a return to the 2-year bright-line tax rules for properties sold after 1 July 2024. 

But sellers beware. Nothing has been changed or updated yet. Until the proposed changes are passed through parliament, the current rules apply. If you’re looking to sell now, the current bright-line rules are still relevant. 

Here’s a quick summary:

Selling before 1 July

Existing bright-line rules apply

Selling after 1 July

2-year bright-line rules apply

Main home rules revert back to the old rules from 1 July

50% land used as main home for 50% or more of the time

If you’re thinking of selling, get legal advice before you put your property on the market, so you don’t get caught out. We’re always here to help so just give us a call.