The Government has added a Cyclone Gabrielle provision into their controversial bright-line taxation rules.

It was revealed yesterday some cyclone-affected homes would be caught up by the bright-line test, which charges a capital gains tax on properties sold within 10 years of being purchased.

Tax adviser Bruce Bernacchi says this provision only covers those who accepted a buyout from central Government or regional authorities.

"It still doesn't address the issue, for example, of people who can't live in their house because their house has been cyclone-damaged and they're out of it for 12 months while it gets repaired."

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The Government has added a Cyclone Gabrielle provision into their controversial bright-line taxation rules.
It was revealed yesterday some cyclone-affected homes would be caught up by the bright-line test, which charges a capital gains tax on properties sold within 10 years of being purchased.
Tax adviser Bruce Bernacchi says this provision only covers those who accepted a buyout from central Government or regional authorities.
"It still doesn't address the issue, for example, of people who can't live in their house because their house has been cyclone-damaged and they're out of it for 12 months while it gets repaired."
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