Tax and the Family Home
A detailed overview of the main residence exemption and the situations where it does not apply or only partially applies.
Apr 18Wed 1:00 PM AEST - Wed 2:00 PM AEST Online
- $180.00 incl. GST
- PD hours: 1
There’s no CGT when you sell your family home, right? Well, not necessarily. Whilst the family home is one of the great tax-free investments most of will ever make, the reality is that the exemption from CGT is loaded with exclusions and caveats which can land an unsuspecting client with a nasty tax problem.
This webinar will offer a practical, example-driven overview of how the CGT main residence exemption works – and when it doesn’t work.
The webinar will include the following topics:
• What is the main residence exemption?
• What is the main residence?
• What about the land surrounding the house?
• Moving into the house
• Having more than one main residence
• Earning income from the main residence – the rule for first income producing use explained
• Moving out of the home – the six year absence rule explained
• Can property renovators claim the main residence exemption?
• Inheriting a home from a deceased relative
• Subdividing land
• Marriage and divorce
Webinar Learning Outcomes:
Participants will gain a better understanding of how the rules apply, both in theory and when applied to common client situations. As well as ensuring that potential CGT liabilities are correctly disclosed in tax returns, participants will be armed with the knowledge to advise clients on potential tax pitfalls before they undertake action which might trigger a tax time-bomb down the line.
Tax Agents, accountants, lawyers, real estate agents and others who advise clients on the tax implications of property transactions.
Mark Chapman is the author of Life and Taxes: A Look At Life Through Tax published by Wolters Kluwer in July 2017. He has over 25 years’ experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a member of the Institute of Chartered Accountants in England and Wales, the Chartered Institute of Taxation and is a fellow of CPA Australia. He holds a Masters of Taxation Law with the University of New South Wales.
Since 2015, Mark has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australian in 2007 to join the Australian Taxation Office (ATO) as a senior director.
You will be provided with:
• PowerPoint Presentation slide deck
• Any Supporting Documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter