Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.
Capital gains tax (CGT) applies to gains you have made on the sale of capital assets (assets you make money from). Unless an exemption or reduction applies, or you can offset the tax against a capital loss, any gain you made on an asset is taxed at your marginal tax rate.
A reminder of what changed on 1 July 2022:
SMART Business Solutions is a registered financial services provider and perfectly positioned to help you calculate the level of home loan you qualify to borrow and how to boost your borrowing power.
If you’re in the market for a financial adviser with knowledge of the property market and mortgages, SMART Business Solutions can team up with you to help you purchase a property at the best interest rates and on the most reasonable terms possible. We are here for you every step of the way, providing regular check-ins to ensure you stay on track to property ownership success!
Our in-house mortgage broking service makes your mortgage and lending needs so much easier, minimising the discord between accountant,
lender and product advice.
We'd love to help you find the best loan for your needs.
If you’ve owned your home for a decent period of time, or you’re ahead on your mortgage repayments, then you can potentially use some of the
equity to purchase assets such as a car.
With the spring selling season just around the corner, now is the perfect time to start preparing your home should you want to sell. There’s no doubt if you’re trying to market your property, it’s vital that you are able to make it as appealing to as many people as possible.
The number of cranes in operation across Australia continues to rise, with a steady increase across the commercial sector.
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how.
Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact.
The RBA lifted the cash rate to 1.85% in early August 2022. With interest rates rising, what can we expect?