Tag Archives: CGT

Franking Credits: A Simple Guide for Tax-Exempt Groups

Introduction: Franking credits can be a helpful perk in Australia’s tax system, lowering taxes on dividends for shareholders. But tax-exempt groups need to be careful not to lose out on franking credit refunds. In this blog post, let’s break down the tricky part of the law, subparagraph 207-122(b)(i) of the Income Tax Assessment Act 1997 … Continue reading Franking Credits: A Simple Guide for Tax-Exempt Groups

Balancing Two Homes For Tax Benefits

Introduction: Capital Gains Tax (CGT) can be a maze of rules and exceptions, especially when claiming exemptions for main residences. In this blog post, we’ll unravel the intricacies of CGT exemptions, exploring scenarios where individuals might find themselves juggling two main residences and the exceptions that come into play. The Six-Month Overlap: One common scenario … Continue reading Balancing Two Homes For Tax Benefits

Tax Troubles: What to Do When Records Go Missing

Introduction: We’ve all been there—rummaging through drawers, scouring folders, and frantically searching computer files, only to realise that our tax records are nowhere to be found. Whether it’s due to a move, a technological mishap, or the unfortunate aftermath of a natural disaster, the panic that sets in is undeniable. But fear not, for there … Continue reading Tax Troubles: What to Do When Records Go Missing

When Selling Your Family Vacation Home, How to Deal with Capital Gains Tax

Introduction: Selling a family holiday home can be a bittersweet decision, filled with considerations beyond just parting with property. One crucial aspect that often requires careful thought is the Capital Gains Tax (CGT) implications associated with such a sale. In this blog, we’ll explore some key considerations and rules surrounding CGT when selling a holiday … Continue reading When Selling Your Family Vacation Home, How to Deal with Capital Gains Tax

Don’t Forget About the Small Business Roll-Over Concession for Capital Gains Tax (CGT)

If you’re running a small business and you’ve made some money from selling assets (like property or equipment), there’s a fantastic tax break you might not be taking full advantage of the Capital Gains Tax (CGT) small business concessions. Here’s the lowdown in simple terms: 1. What’s the Concession? – These concessions can help you … Continue reading Don’t Forget About the Small Business Roll-Over Concession for Capital Gains Tax (CGT)

Simplified Guide to Capital Gains Tax Discounts

Introduction Capital gains tax (CGT) can be tricky to understand, but it’s essential if you’re buying and selling assets in Australia. One way to reduce the tax you owe when you sell something valuable is through the CGT discount. In this easy-to-follow blog, we’ll break down what the CGT discount is, who can get it, … Continue reading Simplified Guide to Capital Gains Tax Discounts