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Subdividing your main residence – Tax Tricks & Traps
Subdividing your main residence – we all know you do not pay tax when you sell your main residence, but tax treatment is much more complex if you subdivide and sell one or both of the subdivided lots.
There are the most common scenarios of subdividing your main residence:
1. Continue to live in the main residence and sell the second block
You continue living in your main residence and sell the other block of land. You do not pay CGT on the bloc
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tax-advice
Fringe Benefits Tax (FBT) Exemptions
If your business engages employees then you probably know that any extra benefit you make or pay to an employee is treated as a fringe benefit […][…]
tax-advice
Are Gambling Wins Taxable?
Are gambling wins taxable? Typically, winnings from gambling are not taxable. BUT, there is a caution to this. The winnings of a “professional” gambler are taxable. […][…]
tax-advice
Tax Practitioners Board (TPB) Investigating Tax Agents JobKeeper Restructuring
Are you a tax agent providing restructuring advice so that your client can obtain Covid19 JobKeeper? The Tax Practitioners Board (TPB) has provided clear instructions on […][…]
tax-advice
Tax and Employee Share Schemes – ESS
Employee share schemes (ESS) are an effective way of providing benefits to employees who perform well but they also come with a tax bill. Employee shares […][…]
tax-advice
Transfer Pricing – SMEs simplified rules
If you have international transactions with a related party – eg a loan from your foreign subsidiary – your Australian tax will be affected if the […][…]
tax-advice
Tax Cryptocurrency: ICO income or capital?
As everyone knows, the taxation of cryptocurrency is a very grey area. However, the ATO considers that cryptocurrency is a CGT asset (and not cash). Thus […][…]
