Main Residence Absence Rule and Business Usage - Trap

Discussion in 'Accounting & Tax' started by Mike A, 18th Aug, 2018.

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  1. Mike A

    Mike A Well-Known Member

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    a trap for those who use their main residence and part of the property is used as a place of business.

    Under S.118-190 you cannot apply to the business portion of the property, the temporary absence rule

    this will mean that the percentage of business usage will continue to be ineligible for the up to the entire 6 year period.

    a trap for the unwary.

    Property Tax Specialists Melbourne | Main Residence - Absence Rule |
     
    Last edited: 18th Aug, 2018
    Mike A, 18th Aug, 2018
    #1
    Terry_w likes this.
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    But potential small business concessions and deductions can offset. Also subsection 3A shouldnt be ignored even if its just a day.
     
    Paul@PAS, 20th Aug, 2018
    #2