So, you have seen everyone selling their homes for record prices and making a bucket load and thought I need to get my piece. You hopefully have also done well and sold the house for more than you paid for it. If you are now thinking, how much will the taxation office want from me, then you are in the right place.
If the house you sold was where you lived from the time you purchased it to the time you sold it, then the sale is tax free, yippee! Even if you sold for more than you purchased it for and made a gain. Your home is your castle and in such situations the main residence exemption applies and you do not have to discose any gains (and losses) to anyone.
This blog is for those wondering about tax on their own home, so will not get into great detail. If you sold a house other than the home where you lived, then there is definitely capital gains tax considerations. The gain and the overall tax payable in this situation can be influenced by such things as;
if you lived there part of the time,
if you owned another house at this same time
if you rented the house.
Our tax experts can guide you through these tax calculations if required.
Get on to your tax return now at gotax.com.au, our engines have started and we're set to get your tax return lodged now.