Larry Williams Drive

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." LISTEN ABOVESee omnystudio.com/listener for privacy information.