Glossary
Residential Property
Residential property includes:- land with a house on it
- land the owner will build a house on at some stage
- land the owner may one day build a house on
Brightline Test
Bright-line test is a property rule applied if you sell a residential property you have owned for less than 10 years that you may have pay income tax but does not apply to properties acquired before 1 October 2015.This rule also applies to New Zealand tax residents who buy overseas residential properties.Dependent Child
Dependent children are all children in your care who are:
- 15 years of age or younger
- 16 or 17 years of age and financially dependent on the caregiver
- 18 years of age, financially dependent on the caregiver and still at secondary school or at a tertiary institution
- not married, in a civil union or de facto relationship
- not in receipt of Foster Care Allowance, Unsupported Child's Benefit, Orphan’s Benefit or board payment for their care.
A financially independent child would be a child that works 30 hours or more a week or receives a student allowance, benefit or other government assistance.
Dependent children are all children in your care who are:
15 years of age or younger
16 or 17 years of age and financially dependent on the caregiver
18 years of age, financially dependent on the caregiver and still at secondary school or at a tertiary institution
not married, in a civil union or de facto relationship
not in receipt of Foster Care Allowance, Unsupported Child's Benefit, Orphan’s Benefit or board payment for their care.
A financially independent child would be a child that works 30 hours or more a week or receives a student allowance, benefit or other government assistance.