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As property investment continues to be a lucrative venture for many Australians, understanding the intricacies of Capital Gains Tax (CGT) is crucial. Whether you're a seasoned investor or new to the real estate market, navigating CGT can significantly impact your investment outcomes. An overview of CTG. Calculating your capital gain. Capital gains tax is payable when you sell a property at a profit. The ATO provides three methods to calculate your capital gain, allowing you to select the one that minimises your tax liability. The discount method: Ideal for resident individuals who have held an asset for more than 12 months, this method offers a 50% discount on your capital gain, significantly reducing your taxable amount. The indexation method: This method adjusts the cost base of your asset according to the consumer price index (CPI), effectively accounting for inflation. It's applicable only to assets acquired before 21 September 1999 and held for at least 12 months. The "other" method: When assets are held for less than 12 months, the other method comes into play, calculating the capital gain by simply subtracting the cost base from the capital proceeds. Understanding these options and selecting the most beneficial one can lead to considerable tax savings. Timing is everything. The timing of a CGT event, such as the sale of a property, is critical. It's the date you enter the contract, not the settlement date, that determines the income year in which you must report your capital gain or loss. This timing affects your tax liability and planning. Inherited property (special rules apply). Inheriting property comes with its own set of CGT considerations. The ATO provides guidelines for calculating the cost base of inherited property, which can differ from other assets. Understanding these rules is essential for accurate tax reporting and planning. Apportioning gain or loss. If you co-own an investment property, any capital gain or loss must be divided according to your ownership share. This apportionment ensures that each owner is taxed fairly based on their investment in the property. Navigating CGT as a foreign resident. Foreign residents for tax purposes face specific CGT considerations when selling residential property in Australia. The ATO's rules in this area can significantly impact your tax obligations, so it’s important to familiarise yourself with these regulations. By consulting resources like the ATO's guide on foreign residents and main residence exemptions, you can navigate these complexities with greater confidence and clarity. Exemptions. If your property has been used to earn income and qualifies for a CGT exemption or rollover, remember to make the appropriate election in your tax return. This is crucial for taking advantage of any tax reliefs or exemptions available to you. The main residence exemption. Your primary home is generally exempt from CGT — as long as it truly serves as your main residence. You can extend this exemption for up to six years if you rent out your home, or indefinitely if it's not used to generate income. However, this exemption cannot apply to more than one property at the same time, with certain exceptions during transitional periods, such as moving homes. Income-producing use (partial exemptions & rules). Using part of your main residence to generate income, such as renting out a room, can affect your eligibility for the full main residence exemption. If you acquired the property after 20 September 1985 and meet specific criteria, including the interest deductibility test, you might only qualify for a partial exemption. Moreover, if your property began generating income after 20 August 1996, you need to know its market value at that time to accurately calculate any capital gain. The importance of diligent record-keeping. Effective CGT management hinges on the maintenance of comprehensive records. These include, but are not limited to: Contracts of purchase and sale. Receipts for stamp duty. Records of major renovations. Any other costs associated with acquiring, holding, and disposing of the property. Such records must be kept for at least five years after the sale of the property or the year in which you declare a capital gain. For capital losses, the records should be retained for an additional two years after they have been offset against a capital gain. This disciplined approach not only facilitates accurate CGT calculations but also ensures compliance with ATO requirements. Real-world CGT scenarios. To illustrate how these principles apply in practice, let’s examine three snapshot case studies. 1. Main residence for part of the ownership period. Consider Vrinda, who bought a house for $350,000 and lived in it until she moved and began renting it out. When she sold the property, she used its market value at the time it started generating income as part of her cost base, leading to a capital gain. Opting for the discount method, she was able to halve her taxable gain, showcasing how understanding CGT rules can lead to significant tax savings. 2. Renting Out Part of Your Home Thomas's situation, where he rented out part of his main residence, highlights another aspect of CGT. By calculating the proportion of his home used to generate income, Thomas was able to determine the taxable portion of his capital gain accurately. This example underscores the need to understand partial exemptions and the impact of income-generating use on CGT obligations. 3. Sale of a Rental Property Brett's experience with renovating and selling a rental property illustrates the complexities of determining the cost base and the final capital gain. By carefully accounting for renovations and other costs, Brett was able to accurately calculate his CGT obligation, choosing the discount method for the most favorable outcome. Brett’s scenario emphasises the significance of detailed record-keeping and strategic planning in managing CGT liabilities. Call in the experts. Understanding the intricacies of Capital Gains Tax helps property investors maximise returns and minimise tax liabilities. By choosing the right method, keeping detailed records and applying CGT calculations effectively, investors can navigate the complexities of property investment with greater ease and efficiency. We’re here to help with that as well. Ascent Accounting can provide invaluable personalised advice, assistance, and insights for your situation. To get started, contact us today .

Managing taxes can be daunting, especially when juggling business and investment income. Today’s guide aims to demystify the PAYG instalment system, helping you navigate through its nuances to ensure a healthy financial stance for your business or investment ventures. Introduction to PAYG instalments. PAYG instalments are a tax system designed for individuals, businesses, and investors to manage their income tax obligations by making regular payments throughout the year. This proactive approach to tax management helps in avoiding large lump sum payments at the end of the financial year, assisting in better cash flow management and financial planning. Almost everyone uses PAYG! A note on entry thresholds & requirements. The ATO determines your requirement to pay PAYG instalments based on the information in your latest tax return, focusing on your gross business and investment income. Various thresholds apply, depending on whether you are an individual, trust, company, or super fund, with specific criteria such as instalment income, tax payable on the latest assessment, and estimated notional tax. How PAYG instalments work in three clear steps. Enter the system: Upon meeting the criteria, the ATO will notify you of your automatic entry into the system through various communication channels, including myGov, online services for business, or traditional mail, based on your registered preferences. Entry into the system can also be upon request (via MyGov for individuals or the ATO for businesses) if you anticipate crossing the income threshold. It’s important that your myGov for the PAYG instalments to pay each quarter. Make instalment payments: Payments are typically made quarterly and are calculated based on your business or investment income, aiding in spreading out your tax liabilities over the year. Payments must be made by July 28, October 28, January 28 and April 28 each year. Be reconciled: The instalments paid are adjusted against your total tax liability when you file your annual tax return at the end of the financial year, potentially leaving you with minimal or no additional tax to pay. The difference between PAYG instalments & PAYG withholding. PAYG instalments and PAYG withholding are different components of Australia's tax system, designed to manage tax obligations in different contexts. However, they’re often confused for one another. Understanding the differences between PAYG instalments and PAYG withholding is crucial for businesses and individuals to ensure compliance and optimal tax management. Application. PAYG instalments apply to taxpayers with business or investment income, whereas PAYG Withholding applies to payments made to employees and certain contractors. Purpose. Instalments help manage expected tax liability on non-withheld income, while withholding ensures tax on wages and similar payments is collected throughout the year. Control. Taxpayers have some control over their PAYG Instalment amounts (e.g., they can vary instalments if their income changes), but they do not control the amount withheld under PAYG Withholding; this is determined by tax tables and legislated rates. Real world examples. Case study 1: Rob — Individual investor with rental income. Rob owns three investment properties and anticipates that the rental income from these properties will amount to $55,000 for the financial year. Besides rental income, he doesn’t have any other sources of income. However, he incurs expenses related to the maintenance of these properties, including repairs, real estate fees, and gardening. These total $5,500 . Managing his tax obligations efficiently, Rob decides to utilise PAYG. He uses the PAYG instalments calculator available for individuals to estimate his tax liability: After entering his total investment income of $55,000 and deducting his allowable expenses, Rob's taxable income comes down to $49,500 . The calculator estimates that Rob's tax for the financial year on his investment income would be $7,544 . As such, Rob voluntarily enters the PAYG instalment system to manage this liability. By dividing the estimated annual tax by four, Rob calculates his quarterly instalments to be $1,886 each. This allows Rob to plan ahead for his tax payments, ensuring that he doesn't face a large tax bill unexpectedly and can manage his cash flow more effectively throughout the year. Case study 2: Danielle — sole trader business income. Danielle operates her business as a sole trader and estimates her business income will be $100,000 for the upcoming financial year. Danielle is also entitled to allowable business tax deductions amounting to $10,000 , which she plans to claim. To prepare for her tax obligations, Danielle uses the PAYG instalments calculator for individuals. She inputs her estimated business income and deductions, resulting in an adjusted taxable income of $90,000 . Based on these figures, the calculator estimates her PAYG instalment amount to be $20,437 for the year. To manage cash flow and ensure she has enough funds to cover her tax obligations, Danielle divides the annual instalment amount by 52 weeks, setting aside $393.02 each week. In doing so, she comfortably accumulates the necessary funds for her quarterly tax instalments. When Danielle receives her quarterly business activity statement (BAS), she’s well-prepared to meet her PAYG instalment payment. Upon lodging her annual tax return, the PAYG instalments she has paid throughout the year significantly reduce her final tax liability, leaving her with little to no additional tax to pay. The key takeaway. Utilising the PAYG system is the easiest way to avoid a huge tax bill at the end of the year. Whether you’re an individual or a business, Ascent Accountants is committed to guiding you through the intricacies of this instalment system so you can navigate your tax obligations confidently.  Remember, accurate planning and regular payments can significantly ease your tax burdens, providing peace of mind and financial stability. To get started with PAYG, contact us !

Study and training support loans can be daunting. However, understanding how compulsory repayments work can go a long way in giving you clarity around it all, as well as peace of mind. In this article, we'll explore how and when these repayments are made through the income tax system, providing clarity and guidance for those navigating educational financial commitments. How repayments works. Understanding compulsary repayments. Compulsory repayments for study and training support loans are integrated into the income tax system — that actually makes the process pretty straightforward for you. For example, when you lodge your tax return, you don't need to supply any loan information because it’s already sitting there ready to go. If your repayment income exceeds the minimum threshold, the ATO calculates your compulsory repayment and includes it in your Notice of Assessment. This calculation is based solely on your income (without consideration for your parents' or spouse's earnings). Importantly, the rate of repayment scales with income. This means that, the more you earn, the higher your repayments are. Making voluntary repayments. When in the financial position to do so, some people like to make voluntary repayments. Although study and training loan repayments don’t have interest, it’s indexed each year and increases with inflation. If voluntary repayments are made before June 30 each year, those payments are not subject to indexation. Additionally, voluntary repayments help pay off the debt faster, and this gives a lot of people peace of mind. When you won't have to repay. In certain situations, you may not have to compulsory repayments. For example, if you have a spouse or dependants and your family income is below a certain threshold, making you eligible for a reduction or exemption from the Medicare levy, compulsory repayments may not apply. In these cases, you can inform your employer via a Medicare Levy Variation Declaration Form to prevent additional withholdings from your pay. Regarding your employment. Advising your employer. Whether starting a new job or already employed, you have to inform your employer if you have a study or training support loan. Your employer should provide you with the appropriate paperwork to disclose this. Under the Pay As You Go (PAYG) withholding system, employers withhold additional amounts from your income to cover the compulsory repayment. Once your loan is fully repaid, updating your withholding declaration ensures no further deductions are made. Understanding additional amounts. The additional tax withheld by your employer is remitted to the ATO and applied to your loan account after you've lodged your tax return, and a compulsory repayment has been calculated. This ensures that repayments are accurately aligned with your income, keeping everything fair and affordable. For business or investment income earners. For those earning business or investment income, the PAYG instalments system allows for regular payments towards your expected tax liability, considering any study or training loan debt when calculating your instalment amount and rate. This flexibility accommodates personal circumstances, allowing variations in instalment amounts or rates. The ATO's commitment. The ATO provides accurate, consistent, and clear information to help you understand your rights, entitlements, and obligations. Their commitment extends to taking responsibility for any incorrect or misleading information provided, ensuring you can rely on the guidance provided. We're experts on PAYG and study and training loans. Understanding compulsory repayments for study and training support loans is crucial for managing your educational debts. Through the income tax system, the process is made as straightforward as possible, but a little help from an expert goes a long way. If you’re looking for support in this area — or anything tax-related for that matter — we’ll help you navigate financial responsibilities confidently. Get in touch to get started.

Inheriting a deceased estate — property and belongings from someone who has passed away — often marks a challenging, emotional, and complex period. The sale of such a property, in particular, comes with many legal intricacies and requires a thorough understanding of the process. The journey to legally transferring ownership and proceeding with the sale involves multiple critical steps as well as legal expertise and guidance. Let's set the scene. Understanding the legal foundations. The process starts by obtaining the necessary legal documents: probate or Letters of Administration, contingent upon whether the deceased left a Will. Probate serves as a legal confirmation of the Will's validity, permitting the executor to proceed with estate management. In the absence of a Will, Letters of Administration are essential for an appointed individual to take charge of the estate. A step-by-step process. Attain probate or Letters of Administration: The initial step requires securing probate from the Supreme Court, if a Will exists. Without a Will, one must apply for Letters of Administration — a task that, while complex, equips the administrator with equivalent authority to that granted by a Will. Transfer title: Following the acquisition of the necessary legal standing, the next move involves updating the property title with the executor or administrator's name. Beneficiary transfers or sale: The final stage encompasses either transferring the property to the beneficiaries or selling the property and distributing the proceeds among them. The challenges of legal proceedings. Obtaining probate can be time-consuming, but the absence of a Will complicates matters further. Nonetheless, once Letters of Administration are secured, the path to selling or transferring the property is the same as the process followed when a Will is present. The critical difference lies in the application for Letters of Administration, which demands the consent of all beneficiaries under the Administration Act 1903. Preparing for sale: consent & considerations. Even with a Will, selling a property from a deceased estate doesn't always proceed seamlessly. Securing the consent of all entitled parties is a prerequisite for any sale or transfer not explicitly outlined in the Will or under the Administration Act 1903. It’s a good idea to prepare a deed of family arrangement, detailing agreed terms concerning the property, which requires the signatures of all beneficiaries. This legal document (best crafted by a Lawyer), aims to mitigate potential disputes and streamline the sale process. The role of professionals. In case it’s not obvious at this point, this process is extremely complicated, and often, emotionally draining. Given the intricate legal landscape surrounding deceased estates, enlisting professional help is highly recommended. Legal professionals, including solicitors and settlement agents, are invaluable resources for navigating the procedural complexities, ensuring all documentation is meticulously prepared and legally sound. Let Ascent Accountants & Ascent Property Co help you during this challenging time. Selling a property from a deceased estate is full of legal challenges and procedural nuances. Each step requires careful consideration and expert guidance, and we have a network of legal experts ready to ease the burdens here. Ascent Property Co can also provide you with estimate values and help sell the property. Contact us and we’ll connect you with the right professional, facilitating a smoother transition during a difficult time.

Deciding to establish a Self-Managed Superannuation Fund (SMSF) often comes as a reaction to a specific investment opportunity or desire. It could be acquiring commercial property for your business, diving into the cryptocurrency market during a downturn, or investing in that often-discussed unlisted property fund. The motivations are varied, however, setting up an SMSF isn't solely for those nearing retirement or belonging to a particular demographic. An SMSF is a viable option for individuals at various income and investment levels. The question is: is an SMSF right for you? Five essential considerations for those contemplating an SMSF. 1. Age is just a number. Age does not determine the suitability of setting up an SMSF. Whether you're in your 30s, eager to proactively manage your retirement savings, or in your 60s, seeking control over your retirement funds, the appropriateness of an SMSF is determined by your specific needs and circumstances. What's imperative is having a well-thought-out plan tailored to your personal goals. 2. Cost & control. While an SMSF offers greater control over your retirement savings, it also incurs costs, notably the annual audit fee. These costs can significantly impact younger individuals or those with smaller superannuation balances. The Australian Securities and Investments Commission (ASIC) has indicated that an SMSF with less than $500,000 might yield lower returns, after expenses and taxes, compared to a regulated superannuation fund. However, having a strategic reason for choosing an SMSF can justify the costs, regardless of your super balance. 3. It’s a big commitment. Managing an SMSF requires dedication, and for some, it’s too much. Significant time and effort must be invested in researching and making informed investment decisions. For those in their 30s, the idea of taking active control of your super might be appealing, but it's crucial to consider whether you have the time or resources to commit. If not, exploring other avenues for engaging with your retirement planning might be more suitable. 4. Family dynamics. Including family members in your SMSF to share costs, especially audit fees, might seem advantageous. Yet, differing investment goals and retirement planning needs can introduce conflicts that could easily be avoided with a different superfund structure. Once someone is a member of an SMSF, removing them can be complicated, so it's essential to ensure that inclusion decisions align with your overall plan from the beginning. 5. Know your “why”. Establishing an SMSF shouldn't hinge on your age, marital status, or family involvement, but rather on a clear and personal "why". If you have a solid reason for starting an SMSF, it might be the right choice for you. Otherwise, sticking with your current retirement planning approach may be the best path forward. Call in the experts. Making an informed decision on whether an SMSF is the right choice for your retirement planning strategy is best made with a pro on your side. We have a network of trusted individuals we can connect you with so you can ensure a SMSF will set you up for success. To secure your future with an SMSF, contact us today .

As we approach retirement, the welfare of our loved ones is often a big part of planning ahead. While not everyone considers this a primary concern, for those who do, the potential for their hard-earned legacy to be squandered or misappropriated by beneficiaries is a real worry. This concern is amplified when considering beneficiaries who may be prone to overspending, are in unstable relationships, or are dealing with significant health challenges. The prospect of a family fortune vanishing into the hands of outsiders is a daunting one. Testamentary trusts could be the answer. The solution: testamentary trusts. Fortunately, there is a strategic approach to mitigating these risks, which not only preserves your estate but also offers substantial tax advantages. This strategy centers around the use of a testamentary trust — a legal mechanism that only comes into effect upon your passing, following the granting of probate. A testamentary trust is embedded within your will, with your estate bequeathed to the trust rather than to individuals. This setup provides a layer of protection against potential financial pitfalls such as bankruptcy and legal disputes arising from family law proceedings. The Role of a Lawyer A will that includes a testamentary trust is not a do-it-yourself task. It requires the expertise of a lawyer — one with experience in estate planning. The complexity of establishing a testamentary trust necessitates a detailed trust deed, which outlines the operational rules of the trust, the forms of investment it may engage in, and identifies the key players - including beneficiaries and trustees. Tax Benefits and Protections One of the hallmark advantages of a testamentary trust is its tax efficiency, particularly concerning the distribution of income to minors. Children under 18 who are beneficiaries of a testamentary trust are taxed at adult rates, allowing for a significant income distribution before tax liabilities arise. This can be particularly beneficial for funding education or other expenses tax-free. The key takeaway. In essence, testamentary trusts are a great solution for those concerned about the future stewardship of their estate. By incorporating a testamentary trust into your will, with the guidance of a skilled lawyer, you can provide a safeguard for your assets against unforeseen financial risks. This strategic approach not only protects your legacy but also affords significant tax advantages, ensuring that your descendants can benefit fully from your life's work. If you’d like support in this area, please don't hesitate to contact us today .

Thinking of selling? You probably know the typical scene involves properties being listed, advertised, and showcased through open houses. However, a different, quieter path exists for homeowners and buyers alike, offering exclusivity and a smoother journey from listing to purchase. This is the off-market sale, a unique approach where properties are sold without public listings, broad advertising, or the traditional open house fanfare. Understanding off-market sales. The essence of an off-market sale lies in its discretion and exclusivity. According to Damian Collins, Managing Director of Momentum Wealth, the fundamental difference in off-market is the absence of public marketing. This private nature makes off-market deals more exclusive and potentially less stressful, as the selling and buying process is not exposed to the broad public. However, Collins also notes that buyers must understand market values and remember that the asking price in off-market deals is not publicly tested. In other words, don’t automatically categorise an off-market property as a bargain… Why choose the off-market route? Cath Hart, CEO of REIWA, points out that privacy concerns, avoiding the hassle of preparing for home opens, and the luxury of waiting for the right offer are among the top reasons people opt for off-market sales. Sellers might not want the public to know they are selling or wish to test the market discreetly to see where buyers see value without the pressure of a formal listing. Pros and cons for buyers and sellers. Off-market sales have advantages and disadvantages for both parties. For buyers, a key benefit is accessing exclusive opportunities that aren't available through conventional channels, along with a more personalised and flexible negotiation process. This can lead to more favourable terms for the buyer. However, the lack of advertising means potential buyers may be unaware of the property's availability, reducing the competition but also the visibility. For sellers, a key “win” is the lack of hassle regarding marketing and advertising efforts. This makes listing generally more affordable. However, this also means the property’s visibility is far lower, and the home may not sell as fast as a result. The importance of trust and due diligence. Off-market transactions call for a high level of trust between the buyer and seller. Collins warns that the negotiation process might lack the transparency of advertised sales, emphasising the importance of due diligence and professional expertise to avoid overpaying for a property. Going off-market? Let us help with the tax stuff. For those looking to buy or sell outside the public eye, understanding the nuances of off-market transactions is key to navigating this less-travelled road successfully. For example, do you know what your tax obligations are here? At Ascent Property Co, we'll help you make the most out of off-market real estate deals and give sound advice around the tax implications. Contact us today .

Selling a rental property in Australia can have significant tax implications, particularly concerning Capital Gains Tax (CGT). Understanding your CGT obligations is crucial for property investors to navigate the financial outcomes of such transactions. This guide delves into the essentials of CGT on rental property sales, providing clarity and guidance to property owners. Understanding Capital Gains Tax (CGT). CGT is a tax on the profit (capital gain) you make from selling or disposing of an asset, such as real estate, which has increased in value. The key to CGT is determining whether you've made a capital gain or loss upon the sale of your rental property, which largely depends on when the property was acquired. Properties Acquired Before 20 September 1985 If you purchased your rental property before 20 September 1985, you're in luck. Such properties are exempt from CGT, reflecting the tax's introduction date. However, this exemption comes with a caveat. Any major capital improvements made to the property after 19 September 1985 may be subject to CGT if they meet specific criteria, such as constituting more than 5% of the sale proceeds or exceeding the improvement threshold. These improvements are considered separate CGT assets, and their cost base is compared to the attributable sale proceeds to calculate the capital gain or loss. Properties Acquired On or After 20 September 1985 For properties purchased on or after this date, the scenario changes. You may incur a capital gain or loss when you dispose of the property. The difference between the sale price (capital proceeds) and the cost base (essentially, what you've invested in the property) determines whether you've made a gain or loss. A sale price higher than the cost base results in a capital gain, while a sale price lower than the reduced cost base may lead to a capital loss. Calculating the Cost Base. The cost base of a property includes various elements. It's important to note that certain deductions and adjustments apply, especially concerning depreciable assets and capital works deductions, which can affect the cost base and, subsequently, the CGT calculation. Purchase Cost: The total money or property value given to acquire the asset. Incidental Costs: Expenses related to acquiring, selling, or disposing of the asset, such as stamp duty and legal fees. Ownership Costs: Ongoing costs like insurance, rates, and land taxes. However, for CGT purposes, the reduced cost base substitutes ownership costs with the balancing adjustment amount related to depreciable assets. Improvement Costs: Costs incurred to enhance or preserve the property's value or to install or relocate assets. Title Defense Costs: Legal fees spent defending your property's ownership, except when they've been claimed or are claimable as tax deductions. Exclusions for Certain Costs Certain costs associated with your property cannot be included in your CGT calculations if: For All Properties: You have already claimed, or are eligible to claim, a tax deduction for these costs in any tax year. This eligibility remains as long as the option to amend the relevant income tax assessment has not expired. For Properties Acquired Before 21 August 1991: In addition to the general exclusion criteria, costs associated with assets acquired before 21 August 1991 are specifically excluded, reflecting historical tax legislation nuances. For Properties Acquired After 31 May 1997: Costs are excluded if you have claimed, or can claim, a tax deduction for them in any income year. This is particularly pertinent to assets acquired post-31 May 1997, aligning with specific tax rulings introduced at that time. Calculating the Reduced Cost Base Incorporate All Cost Base Elements With Modifications. Include all original cost base elements but replace the third element (costs of owning the CGT asset) with the balancing adjustment amount. This adjustment is typically related to the sale of depreciable assets within the property, providing a more accurate reflection of your investment's cost. Exclude Indexation. Avoid applying indexation to the reduced cost base elements. This simplification ensures a straightforward calculation by maintaining current dollar values without adjusting for inflation over time. Accounting for Capital Works Deductions If your property was acquired after 13 May 1997, capital works deductions play a significant role in your CGT calculation. Deduct any capital works deductions you have claimed or are entitled to claim. This adjustment is necessary whether you've already claimed these deductions in any income year or if the option to claim them remains open due to an unexpired amendment period for your tax assessment. Managing Depreciating Assets Depreciating assets within your property are treated distinctly from the property itself for CGT purposes. When calculating your capital gain or loss, you must exclude the value of depreciating assets at both the time of purchase and sale from the property's cost base and capital proceeds. Planning for CTG with Ascent Accountants. Effective planning and understanding of CGT can significantly impact your financial outcomes when selling a rental property. Awareness of how to calculate your capital gain or loss, considering all relevant costs and improvements, is essential. Additionally, being familiar with tax legislation and seeking professional advice will help maximise your investment's potential, while minimising its tax liability. You deserve peace of mind when it comes to selling your property. To talk about this, contact us today .

As a business owner, understanding and staying on top of your ATO requirements is crucial. This involves lodging forms, reporting to the ATO, and making ATO payments — but it doesn't have to be a daunting task. At Ascent Accountants, we're here to make navigating the tax landscape as seamless as possible.