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In this episode, Mena and Stuart unpack the ins and outs of Australia’s often misunderstood 6-year CGT exemption rule for main residences. They explore how this powerful tax concession can help homeowners maximise profits when selling a property they no longer live in, particularly those who rent it out after moving. Listeners will learn the exact eligibility criteria, including how to ensure a property still qualifies as your main residence for tax purposes even while it’s earning rental income.

Stuart explains how the exemption resets if you move back in, while Mena walks through common scenarios, including how a full exemption applies if the sale occurs within six years, and how pro-rata tax is calculated if you exceed the threshold. They also highlight important strategies such as resetting the 6-year clock, obtaining accurate property valuations, and the critical CGT implications for couples with multiple properties.

The conversation also covers mistakes to avoid, like poor record keeping, incorrect main residence elections, and confusion around land tax. Finally, they issue a clear warning for expats: non-residents lose access to the CGT exemption entirely. It’s a must-listen for any property owner looking to sell smart and avoid unexpected tax bills.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

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SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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In this episode, Mena and Stuart dive into Australia’s complex tax system, using insights from a thought-provoking discussion paper by Matt Grudnoff of The Australia Institute. He examines how, when welfare and superannuation are factored in, Australia’s reliance on income tax may not be as unbalanced as critics claim. Still, Stuart raises the question: What could a more common-sense approach to tax reform look like?

He explores potential policy ideas, including introducing a luxury GST rate, capping the main residence exemption, and reconsidering the structure of capital gains tax, particularly the implications of taxing unrealised gains on balances above $3 million. He critiques this measure as a major revenue target that few Australians will be willing to pay, questioning its efficiency and fairness.

The episode also explores the limitations of inheritance tax, explaining how it can be easily circumvented, and whether there’s merit in offering CGT discounts for landlords who rent their properties below market value.

Drawing from the ProSolution team's paper on tax reform, he discusses smart alternatives that aim to balance fairness, simplicity, and sustainability. This episode is a must-listen for anyone interested in the future of tax policy and how reform could better serve Australians.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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In this episode, Mena and Stuart share practical strategies to streamline tax administration and reduce headaches for individuals and investors. They begin by discussing the value of using Xero, even for non-trading entities, as a powerful tool to centralise and simplify record-keeping. Next, they explore the benefits of wrap platforms for managing shares and investments, including consolidated reporting and time savings.

The conversation turns to property, where they advise having your property manager handle all expenses tied to each investment property, making EOFY reconciliations far easier. They also emphasise the importance of waiting for ATO pre-fills, often delayed by up to four months, to avoid premature or inaccurate lodgements.

Stuart and Mena highlight why working with a holistic advisory team matters, citing real-life client wins where critical documents were quickly accessible. They wrap up with insights on how modern bookkeeping is now scalable, affordable, and more efficient than ever. This episode is packed with sharp, actionable tips to help you get ahead of your tax obligations and focus on what matters.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.