Latest News from Newealth

3 Sep 2019

Main Residence (your home)

We have attached a gentle reminder that that under the current taxation system, renting your main residence will result in a part loss of the capital gains tax free exception on your home for the period rented.

If you want to rent your main residence then you need detailed tax advice and we recommend you talk to your tax professional (Accountant) before using services such as Airbnb which shares its data with the Australian Taxation Office.

The cautionary message is that earning a rental income today (especially if only a small amount) could cost you much more in capital gains tax when you sell your main residence.

For investment properties and holidays homes it does not matter because they are always 100% liable for capital gains tax because they are not your main residence.

Key point is to talk to your tax professional (Accountant) first.

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At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.

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