Teoman Legal in Rosebery, New South Wales, Australia | E-commerce website

Teoman Legal

Locality: Rosebery, New South Wales, Australia

Phone: +61 2 4912 0029

Address: 3-5 Queen St 2018 Rosebery, NSW, Australia

Website: http://www.teomanlegal.com.au

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17.01.2022 From all of the team, we hope everybody stays safe out there in the coming hours and days. Thank you to all of the NSW rural and metropolitan firefighters, emergency response workers and paramaedics.

16.01.2022 What is Capital Gains Tax? Who knows right? well like most taxes the concept can be difficult to grasp , at first but stay with me...Capital gain is the difference between what you paid for an asset (less any fees incurred during the purchase) and what you sold it for (likewise less any fees incurred during the sale). Capital gains tax (CGT) is the levy you pay on the capital gain made from the sale of that asset.... It applies to property, shares, leases, goodwill, licences, foreign currency, contractual rights, and personal use assets purchased for more than $10,000. Your car, main residence, depreciating assets used solely for taxable purposes, and assets bought before 20 September 1985 are exempt from the tax. Are you still with me? good. now there are exemptions, if your main residence sits on more than two hectares of land, or you’ve not lived in it for the entire period of ownership, you’ll only be afforded a partial CGT exemption on your home. How much is capital gains tax? This is where you find out that ‘capital gains tax’ is a bit of a misnomer; it’s not actually a stand-alone tax; it’s part of your income tax. If you’ve bought and sold your property within 12 months, your net capital gain the difference between the sum of your capital gains and the sum of your capital losses is simply added to your taxable income, which, in turn, increases the amount of income tax you pay. However, if you’ve owned the property for more than 12 months, calculating your final taxable income is a little bit more complicated than adding your net capital gain to your earned income. Unless, of course, you’re a business. In that case, you’re not eligible for any discounts and simply pay a 30% tax on your capital gains. How do I calculate capital gains tax? If you’ve bought and sold your property within 12 months, your capital gain is simply added to your taxable income. When does it apply? Capital gains tax is a part of your income tax. And so your net capital gain forms part of your assessable income in whatever tax year you sold your property. Contact Teoman Legal today for all conveyancing related matters 8960 0840

05.01.2022 Happy Monday! If you are House Hunting this spring you may wish to check out this article for a nifty little home price index. Compare median house prices in all major cities and nationally. Compare rental yield, monthly, annual and post-boom growth statistics and more!

02.01.2022 Are you a first home buyer? Confused about Transfer duty? (Stamp Duty) that's understandable, Transfer duty like most taxes, Government grants and schemes can be confusing especially since they are not set in stone and change frequently. If you are looking at buying or selling Real property in NSW you may wish to speak to you Conveyancer who will shed some light on your rights under Law and pertaining to transfer Duty and current schemes on offer by the NSW Government. Here... is some useful up to date information regarding just one of the current schemes on offer; First Home Buyer Assistance scheme;(FHBAS) If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it all together under the First Home Buyers Assistance scheme. Unlike the First Home Owner Grant, the FHBAS applies to Buying an existing home Buying a new home and Vacant land on which you intend to build a home. New and existing homes Vacant land As a first home buyer, you may be eligible for a transfer duty concession or exemption. If your home is valued at less than $650,000, you can apply for a full exemption so that you don’t have to pay transfer duty. If the value of your home is between $650,000 and $800,000, you can apply for a concessional rate of transfer duty. The amount you’ll have to pay will be based on the value of your home. Just a few points to consider include; The contract date must be on or after 1 July 2017 and must be for the whole property. You must be an individual, not a company or trust. You must be over 18. You and your spouse or partner must never have owned or co-owned residential property in Australia. You and your spouse or partner must never have received an exemption or concession under this scheme. At least one of the first home buyers must be an Australian citizen or permanent resident. Requirements for living in the property You or one of the other first home buyers must Move into the new home within 12 months after buying the property and; live there for at least six continuous months. If you’re a member of the Australian Defence Force when buying your first home and you and everyone you’re buying with is on the NSW electoral roll, you won’t have to meet these living requirements. If you have any questions about the requirements for living in the property, eligibility factors or anything else Contact Teoman Legal on (02) 8960 0840 today :) Happy Monday!