How To Add PROPERTY Sale in your Australian Tax Return using MyGov

In this video, I’ll show you how to complete the Capital Gains Tax (CGT) section of your Australian income tax return on the myGov website, after you have sold a property that was either your main residence (home) for the whole time you owned it or was used as rental property for a period shorter than 6 years after it was used as your main residence (home). This video will show you how to correctly complete your tax return so you indicate to the ATO that you are applying the main residence exemption or the 6 year rule exemption from CGT for residential property in your tax return to help you avoid a tax audit.

Common questions I get ask are "What's myGov" and "How to connect ATO to myGov?" and "how do i link ATO to myGov ?"

LINKS

💰 Use SHARESIGHT to track your shares - https://tools.moneywithdan.org/Shares...

(BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!)

📄 Grab the FREE CGT Cheat Sheet featured in this video for subscribers:
https://tools.moneywithdan.org/CGT-Ch...

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ATO LINKS
🔗 https://my.gov.au/

🔗 https://www.ato.gov.au/Individuals/Ca...

🔗 https://www.ato.gov.au/Individuals/Ca...

🔗 MyGov help https://login.my.gov.au/mygov/content...

🔗 Work from Home Expenses instructions and COVID-19: https://www.ato.gov.au/general/covid-...

🔗 Carry forward unused concessional contributions https://www.ato.gov.au/individuals/su...

🔗 Claiming deductions for personal super contributions https://www.ato.gov.au/individuals/su...

DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances.

When you sell or dispose of a rental property you may make a capital gain or loss.

A capital gain or loss is the difference between what it cost you to obtain and improve the property (the cost base) and the amount you receive when you dispose of it.

If you make a:

net capital gain in an income year, you'll generally be liable for capital gains tax (CGT)
net capital loss, you can carry it forward and deduct it from your capital gains in later years.

How to link ATO with myGov
Sign in to your myGov account then Select the Services tab on the myGov home page.
Under the heading Link a service select Australian Taxation Office and choose Questions specific to you and answer two questions about information relevant to your tax record.

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