Rule and exception dating
You can think of it as someone drawing a line in the sand. The bright-line property rule was updated on 29 March 2018. Generally the bright-line period starts on the date the property title is officially transferred to you, which is the date the property transfer is registered with Land Information New Zealand (LINZ).
A bright-line rule is a clearly defined rule that leaves no room for interpretation.
To do this, you tell AME to extend the chain of authority past the manager by using the nonfinal-authority approval type in conjunction with the job level action types only.
In the latter case, just the opposite is true: the list-creation rules require approvals beyond a given job level, but you nevertheless want to grant a certain manager at that job level signing authority.
You may need to create (or have a system administrator create) some custom attributes and/or approvals. Thus, while creating rules is your ultimate goal, it is also the last thing you do when you set up AME. Seven of them provide rules that participate in generating transactions' approver lists; these are the approver-generating rule types. Different rule types use different condition and action types, and have different effects on a transaction's approver list. They use action types that ascend an organizational hierarchy to generate one or more chains of authority.
A required attribute typically identifies the first approver in each chain, and the specific action determines how many approvers are in each chain.
Talk with your tax advisor if you need more information about this. What if I sell my property after the relevant bright-line period has ended for me? If you sell a property outside of the relevant bright-line period for you, the bright-line rule will not apply to your property sale. The intention test says you must pay tax on property profits if you originally bought a property with the intention to resell it. If you owe income tax on another residential property sale in the future, you can subtract these “ring-fenced” property losses from the income you earned on this later sale. How will earning extra income, for example from property, impact these? If you’re a New Zealand tax resident who earned income selling a property in another country, you may need to pay tax there.
What’s the main home exclusion to the bright-line rule?Rule associate one or more conditions with an approval in an if-then statement.Before you can create rules, you must create conditions for the rules to use.Rarely will an organization's business rules match any rules that are predefined with a transaction type.
Instead, you must translate the business rules you documented into AME rules yourself.If you buy and sell your main home, the bright-line rule will not apply. It means that you generally will not have to pay tax when you sell your main home.