Erika Corsino

Unlocking the Benefits of CGT Main Residence Exemption Concessions

The capital gains tax (CGT) exemption for your main residence, combined with several useful concessions, can greatly influence your financial situation. These exemptions and concessions can help homeowners navigate the complexities of property ownership and potentially save a significant amount of money. Let’s explore some of the main concessions and how they work: 1. Changing […]

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Understanding the Fine Line Between Property Development and “Merely Realizing an Asset”

Sometimes, it can be tricky to tell if someone is involved in property development or just making use of an existing asset. For example, if someone subdivides their backyard, builds one or more units, and sells them, it’s not always clear whether this counts as property development or simply selling an asset they’ve used mainly for living purposes.

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tax updates

Tax Update

Pitfalls for lodging Early Before “Tax Ready” The Australian Taxation Office (ATO) cautions taxpayers about the risks of lodging tax returns too early. According to the ATO, individuals who file their returns in early July are twice as likely to make mistakes. This is because from late July, most information from employers, banks, government agencies,

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