Tax Tip 568: “Intention” and the Main Residence CGT Exemption The main residence CGT exemption requires someone to move into the property as...
Tax Tip 565: CGT Demolish the Main Residence Build a Duplex and later sell without moving in Main residence exemption cannot apply if you...
Tax Tip 565: Strategy-Live in Every Property you Buy initially If you live in a property and establish it as your main residence then you could...
In 2021 we purchased a property in Buderim, lived in it for 6 months and then rented it out, living in rental property in Sydney. We are about to...
Tax Tip 550: The 6 Year Rule while being a Non-Resident for Tax The tax laws regarding the 6 year absence rule, s118-145 ITAA97, and the main...
Tax Tip 547: Deductions When Business run from Home Where the owner of the property also runs a business from home expenses incurred on the home...
The main residence CGT exemption can only apply in full where the taxpayer moves in ‘as soon as practical’ because of Section 118-135 ITAA97 which...
Tax Tip 542: Main Residence Exemption – Non Resident never Lived in Property Buying a house and never living in it and being a non-resident can...
It is possible to restart the 6 year absence rule for CGT even after you have been absent for more than 6 years. However, the property could never...
Title is not really relevant to the Main Residence Exemption for CGT. The main residence exemption applies to a dwelling and the land the...
Ideally you want to have the potential to choose which property you can claim the main residence CGT exemption on. Where people have a home and...
People can have 2 or more distinct capital gains interests in property. This will generally be due to a related party transfer or an inheritance....
Love the press that Chalmers and his puppet Jones are trying to sell. All those who have assets in SMSFs with high balances who have avoided tax....
Sometimes I encounter clients who think their whole property is exempt from CGT but that turns out to not be the case on closer inspection....
Did you know you can get your executor to do stuff for you after you are dead? Nifty hey? One thing you can do is to instruct them to buy a...
Its times like now when owners may need more advanced tax planning advice than in "good times". This one is easily misunderstood or not understood...
person but the person that inherits it rents it out and sells in after 2 years? Normally if the property is sold within 2 years, (actually settles...
You might think that there is no point in keeping records relating to expenses on a property that is a main residence, but it could come in handy...
It is very important to know if 2 people are spouses or not – from a tax point of view. For example for capital gains tax purposes only one...
Hi all Can someone knowledgeable tell me how long I need to live in a PPOR before I can sell it without incurring cap gains tax? E.g. occupied a...
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