There are many taxes that you need to pay to the government for the public welfare. One such important Capital gains tax is often consider as a voluntary tax. With the help of professional it is possible for you to reduce totally avoid or reduce payment of capital gains tax in the time when you renting your house.
• To qualify for a full Capital Gail exemption, the property must have been your main residence from when you acquired it. If you move out of the property and rent it, then you still get this exemption from CGT for up to six years after you move out.
• Another capital gains tax advice is that If you originally bought the house with the intent to rent it out after 20 August 1996, but start living that home again after some time, you will become partially exempt from CGT on a proportionate basis as you spend some years in that house.
Want to know more how to save your capital tax then you hire small business accountant in Sydney.
You can also contact Gotsis Accounting for the professional tax advice.
