Brightline tax loophole could catch family home owners

Brightline tax loophole could catch family home owners
John Cuthbertson: Brightline could still catch non investors
Brent Melville
Spending time away from your family home for a year or more could turn into an expensive tax headache under the new brightline tax rules.While changes to interest deductibility announced by the government on March 23 sent shock waves through the property investment community, the ‘change of use’ rule for properties scarcely raised an eyebrow for most.The brightline test – originally introduced in 2015 to levy a capital gains tax on properties bought and sold within a short timeframe – was doubled from five to 10 years in...

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