Using your home to produce income | Australian Taxation Office

Using your home to produce income

Your main residence (your home) is generally exempt from capital gains tax (CGT). However, you don't get the full main residence exemption if you use any part of the dwelling to produce income (such as renting out a room or running a business), and:

you acquired your dwelling on or after 20 September 1985

you would be allowed a deduction for interest (had you...

Read more


Website: https://www.ato.gov.au

Related topics : capital gains tax house calculator / capital gains tax property calculator australia / capital gains property tax calculator / capital gains tax property percentage / capital gain tax calculator

[an error occurred while processing this directive]

Taxation in Australia - Wikipedia

History[ edit ]

When the first Governor, Governor Phillip , arrived in New South Wales in 1788, he had a Royal Instruction that gave him power to impose taxation if the colony needed it. The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury...

Read more

Date: 2018-03-14 04:15:34
Website: https://en.wikipedia.org

[an error occurred while processing this directive]

A Complete Guide to Capital Gains Tax (CGT) in Australia

The thing about property investing is that eventually you, or your beneficiaries if you hold for the extremely long-term, will likely have to pay Capital Gains Tax (CGT).

This is the time when the Federal Government gets their share of the profit that you've made from investing in property as it's technically classed as personal income.

So, in this article we'll outline what CGT is, how to...

Read more


Website: https://propertyupdate.com.au

[an error occurred while processing this directive]

Bitcoin and Crypto Taxes :: Frequently Asked Questions

LOC (English) ; NTA (Japanese)

You can typically find more information about the specifics of your country's taxation rulings on official government websites (such as IRS.GOV for United States taxation information). A compilation of information on crypto tax regulations in the United States, Canada, The United Kingdom, Germany, and Australia, which can be found here .

The Library of Congress...

Read more


Website: https://bitcoin.tax

Capital gains tax in Australia - Wikipedia

Capital gains tax (CGT), in the context of the Australian taxation system , is a tax applied to the capital gain made on the disposal of any asset, with a number of specific exemptions, the most significant one being the family home. Rollover provisions apply to some disposals, one of the most significant of which are transfers to beneficiaries on death, so that the CGT is not a quasi estate tax...

Read more

Date: 2019-03-13 23:00:33
Website: https://en.wikipedia.org

Top Five Apps For Tax Time | Lifehacker Australia

While tax time usually conjures the image of piles of paper and shoeboxes full of old receipts, it doesn't have to be that way forever. If you're sick of shuffling through hard copy documents to get your finances sorted every July, here are our top five apps that'll save you time and stress this tax time.

This new financial year, plan & create with Microsoft Office, including Excel, PowerPoint,...

Read more


Website: https://www.lifehacker.com.au

Tax issues for non-residents » WK Advisors & Accountants

Tax issues for non-residents

There are a number of special exemptions for persons who shift to New Zealand and have not been a New Zealand tax resident in the previous 10 years.

The following notes apply to all persons moving to New Zealand. HOWEVER there are a number of special�exemptions for persons who shift to New Zealand and have not been a New Zealand tax resident in the previous�10...

Read more


Website: http://www.wk.co.nz

When Should I Utilize The Foreign Tax Credit and When ...

Avi

August 8, 2017 - Reply

I have long been trying to understand why most accountants do not take a foreign tax credit for health insurance tax and (in Israel) bituach leumi. The relevant IRS information which I found states that:

--------------------------------------

The tax must be imposed on you

You must have paid or accrued the tax

The tax must be the legal and actual foreign tax...

Read more


Website: https://www.expattaxcpas.com

Non-residents and Australian Tax Return | PropertyChat

TheDoor said: ^

Thank you. I took the ATO tax resident calculator and I am definitely a non-resident of Australia.

Here is the meat of the question. If I should submit a tax return to ATO to show rent and expenses that offset that rent, then I presume the ATO would want me to declare my personal worldwide income.

If so, would purchasing the investment...

Read more

Date: 2019-04-10 00:22:30
Website: https://www.propertychat.com.au

Related topics : australian income tax calculator non resident / non resident tax return ato / non resident tax return calculator / non resident tax return / australian income tax calculator

8 tax tips for students | INTHEBLACK

To assist, CPA Australia has put together eight tax tips for students for the year ending 30 June 2017.

Obtain your refund

When a person's taxable income for the year ended 30 June 2017 is below the tax-free threshold of $18,200, they may not need to lodge an income tax return.

However, if you have had tax withheld from your income during the year you must lodge a return to have the withholding...

Read more


Website: https://www.intheblack.com

Income tax - Wikipedia

William Pitt the Younger introduced a progressive income tax in 1798.

The inception date of the modern income tax is typically accepted as 1799, [5] at the suggestion of Henry Beeke , the future Dean of Bristol . [6] This income tax was introduced into Great Britain by Prime Minister William Pitt the Younger in his budget of December 1798, to pay for weapons and equipment for the French...

Read more

Date: 2018-03-16 14:12:37
Website: https://en.wikipedia.org