A focus on topical tax issues - June 2015
Existing property tax rules to be bolstered
On 17 May 2015 the Government announced as part of the budget 2015, proposals to bolster the existing tax rules and improve compliance in respect of property transactions.
Amongst the compliance measures announced is a “bright-line” test which will tax residential property sold within two years of purchase. This bright-line test will not apply to a seller’s main home, inherited property from a deceased estate or that which is transferred as part of a relationship property settlement.