Aug 23, 2024 | Capital Gains Tax, Rental Income, Taxation
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the...
Aug 18, 2023 | Capital Gains Tax, Deductions, Investment Property, Land Tax, Taxation
You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications. Many small-scale developers often assume that their tax...
Feb 9, 2023 | 2023, Capital Gains Tax, retirement, Superannuation
From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation. Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity...
Aug 12, 2022 | Capital Gains Tax, Cryptocurrency, Taxation
How To Claim Your Crypto Losses The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return. The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it...
Dec 3, 2021 | Capital Gains Tax, COVID-19, Taxation
QUESTION Since March 2020 and during the COVID-19 pandemic, a client spent 16 months living in a home he owns in rural Victoria in order to attend to business interests he has there. During this time, his wife continued to live in their Melbourne home (where they...
