The bright-line test will return to a 2 year period effective from 1 July 2024.
Finance Minister Nicola Willis has advised as part of the new coalition Government’s mini-budget:
“Today I am announcing our immediate decision to bring the brightline test for residential property back to two years, effective from 1 July 2024. Removing this effective capital gains tax means that properties sold after 1 July 2024 will only be subject to the rule if owned for less than two years.
“I am also confirming the Government’s commitment to fully restoring interest deductibility for rental properties, with details of the phasing of this commitment to be the subject of an announcement in the New Year.”
References:
Matters of Trust 
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