Capital Gains Tax

The Small Business CGT Exemption After Death

Fortunately for your spouse or children, the assets will still be eligible for the 15 year exemption to the same extent that the deceased would have been just prior to their death.

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( Posted in: Living Estate Planning )

Main Residence Exemption The Burden of Truth

Main Residence Exemption  The Burden of Truth

I would expect that the majority of property owners and investors have heard something about the “six year main residence exemption for Capital Gains Tax purposes”. If not, here is a brief rundown:

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( Posted in: Property )

Death and small business CGT concessions

Death and small business CGT concessions

When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, where the deceased owned those assets as joint tenants with another person. As there is a change of ownership a capital gains tax (CGT) event arises. 

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( Posted in: Living Estate Planning )

Property Inheritance CGT & Property Sales

Property Inheritance  CGT & Property Sales

In my previous article I mentioned that if you inherit a dwelling and later sell or otherwise dispose of it, you may be exempt from capital gains tax (CGT), depending on when the deceased acquired the property, when they died and whether the property has been used to produce income (such as rent).

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( Posted in: Living Estate Planning )

Property Inheritance CGT Implications

Property Inheritance  CGT Implications

Since the introduction of capital gains tax in September 1985 if you inherit a dwelling or other property and later sell or otherwise dispose of it, capital gains tax may apply to either the deceased estate or yourself as beneficiary.

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( Posted in: Living Estate Planning )

Have you made a capital gain this financial year?

Have you made a capital gain this financial year?

If you find yourself with a capital gain this year because you sold an investment property or some shares, it is time to take stock of your other investments and determine if now might be the right time to realise a capital loss.

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( Posted in: Tax )

No tax on death: fact or fiction?

No tax on death: fact or fiction?

Death itself does not create a tax liability, however what happens to the assets after you die could result in a tax bill. Creating a will or becoming a beneficiary of one may appear to be more straight than you thought, but the reality is the tax man could take a large bite out of your estate or inheritance.

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( Posted in: Living Estate Planning )

The tax implications of subdividing your backyard

The tax implications of subdividing your backyard

Subdividing your PPOR (principal place of residence) is a strategy we often get asked about. If you’re thinking about going down this path, there’s a lot to consider before making your decision.

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( Posted in: Property )