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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 nightmares? Voluntary disclosure is the answer
Having nightmares about your tax? Haven’t lodged income tax returns for don’t know how many years? Want to get back on track but don’t know how? […][…]
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Sharia law and Australian taxes
Muslims complying with Islamic principles, including Sharia law, have a different approach to the lending of money than Australia’s traditional approach. The Islamic financial system promotes […][…]
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CGT main residence exemption
If you sell your home, you are entitled to a Capital Gains Tax (CGT ) exemption known as the main residence exemption. There are some restrictions […][…]
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Tax: employee or contractor?
It is critical you correctly classify a worker as either an ‘employee’ or a ‘contractor’. If your worker is in fact an employee there are significant […][…]
