Capital Gains Tax

tax training upskill videos Jul 14, 2021
 

Ever tried to do some research on the ato.gov.au website about Capital Gains Tax?  

It's complicated and sends you around in circles!

This video helps to explain what capital gains tax is (selling an asset such as shares or property) and how to calculate (selling price less purchase price) and how to pay tax on it.

Selling Price = Proceeds

Purchase Price = Cost Base

 

MAIN RESIDENCE EXEMPTION - selling your own home

The next video in the series explains more about the Main residence exemption:  see that here.  The main residence exemption applies to a house that has ONLY been your place of residence, when you have no other houses.  Partial exemptions can apply in certain circumstances, including when you have 2 properties, or if you earn an income from it.

The main residence exemption will also apply for a period of 6 years after you move out. If you want to move from one main residence to the next, you can have a 6 month overlap where both properties...

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Profit in Your Pocket

 

Do you have trouble with cashflow in your business?

Is it seasonal income, or lumpy income that you are dealt with month after month, quarter after quarter?

When the money doesn't come in - you stress out.  When the money does come in you try and figure out who needs it the most (and you as the business owner are usually at the bottom of the list!) 

Profit First is a solution to help you smooth out the lumpiness and make better decisions about your money.

By allocating all of your income each week to a different bank account set up for a different purpose (eg having a tax account, and a wages account, money for bills and money for paying the owner), it gives you clarity over how much money you can afford to pay out for each.  If you allocate 50% of your income each week to operating expenses, you may not have enough money to pay towards paying taxes.

This is not a very common way of making decisions about your business.  But it certainly does make a lot...

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