What is the bright-line test? From 1 October 2015, if you buy and sell a residential property within two years, this test is used to determine if you are required to pay tax on the profit. The test does not apply commercial property or farms. Why was the bright-line test introduced? Some would suggest as a […]
Tag Archives | bach
Mixed Use Asset
A mixed- use asset can only be land (including any dwellings), and boats and aircraft that cost in excess of $50,000. To be a mixed-use asset, the asset must be used by a person in an income year partly to derive income, partly for private purposes and not used for at least 62 days in […]
