Accounting & Financial Reporting

Unlocking the Benefits of CGT Main Residence Exemption Concessions

By Erika Corsino / July 22, 2024

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”

By Erika Corsino / July 15, 2024

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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Are You A High-Income Earner? Beware of Division 293 Tax!

By Erika Corsino / July 8, 2024

If you’re a high income earner, you may soon be asked to pay an extra 15% tax on the amount of concessional contributions that exceed the $250,000 threshold.

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Rental Properties – Traps and Pitfalls

By Wen Wen / June 3, 2024

The Australian Taxation Office (ATO) has found that nine out of ten residential rental property investors audited have made errors in their tax returns. Here are some common tax traps and pitfalls to be aware of: Apportionment of Rental Income and Deductions If a rental property is jointly owned, the income and deductions must be […]

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Self-education – when is it deductible?

By Wen Wen / September 26, 2023

There is no specific provision in the income tax legislation that allows a deduction for self-education expenses. Rather the expenditure falls for consideration under the general deductibility provision of the Tax Act. In broad terms, this allows for, but also limits, deductible expenses to those incurred in the course of earning assessable income. This requires […]

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Discounting your capital gain

By Wen Wen / September 19, 2023

The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to: The most notable omission from this list is companies.  They are not eligible for the […]

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