Real Estate and Property Services
Everyone knows that they should consult their solicitor before the sign a contact to purchase or sell property. But did you know you should also consult your accountant before you sign on the dotted line?
You need to consider which name to purchase the property in and if you are selling, the consequences of any Capital Gains, if any.
If you are selling your home (your main residence), generally you will not pay any Capital Gains Tax. To obtain a full exemption from CGT -
- the dwelling must have been your home for the whole period you owned it
- the dwelling must not have been used to produce assessable income, and
- any land on which the dwelling is situated must be two hectares or less.
Please contact your adviser at The MBA Partnership to discuss any CGT implications.
We are specialists in the preparation and lodgement of your Form 15-15 Variation of PAYG Tax Instalment Variations.
More information?
Michael Beddoes, FCA
Director
e mbeddoes@mbapartnership.com.au
t 07 5557 8700