A WIDER VIEW OF NEW BUILDS

The government’s tax changes that move the bright-line from five to 10 years and remove the deductibility of interest associated with borrowing to buy residential property both contain exemptions for “new-build” residences.

If the acquisition is a new build interest deductions are allowed for a 20-year period from the issuance of the building’s code of compliance certificate (CCC) provided it is issued after March 27, 2020.

For bright-line purposes, new builds confer a five-year bright-line if they are acquired within