8 Sep 2015

Capital gains bill passes first reading

7:04 pm on 8 September 2015

The Government's bill to tax gains on houses sold within two years of being bought has passed its first reading in Parliament this evening.

Exceptions include people's main residence, inherited property, or the transfer of property in a relationship settlement.

The proposed tax is likely to raise $5 million a year. It passed 109 votes to 12.