In this blog, we’ll discuss capital gains tax on primary residence and the 6-year rule that applies when you move out, and how to add it to your tax return. CGT 6-year rule: How does it work? Generally, your main residence is exempt from capital gains tax (CGT). A...
You might be wondering: why do I owe tax? Well, there are many reasons why you may receive a tax bill. In this guide, we’ll discuss the reasons for receiving a tax bill and common actions that you need to take. Understanding Your Tax Assessment The statement issued...
What are the eligibility requirements to claim mobile phone calls and mobile internet? You are required to meet certain requirements to claim a deduction for mobile phone calls and mobile internet. Here are some conditions: Cost incurred while making phone calls or...
Can you claim parking on tax? You are eligible to claim a deduction for parking fees and tolls incurred when using your car or other vehicle for work-related purposes. You are not allowed to claim a deduction for parking at or near a regular place of work....
In this blog post, we’ll discuss how you can calculate and record GST on sales and purchases of second-hand goods. Here, the term ‘second-hand’ means ‘not new’ or ‘previously used’. Here are some goods that don’t come under the category of second-hand goods: Precious...
What does PSI stand for? PSI stands for Personal Services Income. This is income generated primarily by your skills or efforts as an individual. What is personal services income? You receive personal services income, or another entity connected with you, which is...