Tag: tax

ASB Consulting & Tax blog

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Tax & the family home

Tax & the family home

Everyone knows you don’t pay tax on your family home when you sell it…right?  We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale of capital assets (assets you make money from). Unless an exemption or reduction applies, or you can offset the tax against

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ATO focus 2022

What are the ATO focusing on for 2022 tax returns?

The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping; Work-related expenses; Rental property income and deductions; and Capital gains from crypto assets, property, and shares. In general, there are three ‘golden rules’ when claiming tax deductions: You must have spent the money and not been reimbursed; If

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