Capital Gains Tax

Small businesses hopes to claim cgt concessions on vacant land as an active asset

Small Business CGT Concessions On Vacant Land

By Wen Wen / December 7, 2020

Full Federal Court’s decision on a vacant land as an active asset case… Businesses wanting to claim CGT concessions for active assets may find hope in a recent Full Federal Court decision on a long-contested vacant land case. In 2007, the Administrative Appeals Tribunal (AAT) ruled that vacant land on which two shipping containers had […]

CGT On Inherited Properties (What You Need To Know)

By Wen Wen / November 7, 2019

No CGT applies when properties are distributed to beneficiaries Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience. From a tax law perspective, when someone dies a capital gain or loss does not apply when property passes: To the deceased person’s beneficiary To the […]

CGT Concessions For Active Assets

By Wen Wen / August 20, 2019

Small business active assets can help you with CGT concessions For small business owners who are disposing of assets that have risen in value during the time they have owned and used them in their business, accessing one or more of the available small business capital gains tax (CGT) concessions can greatly reduce any consequent […]

The importance of property valuations for taxation purposes - image

The Importance Of Property Valuations For Tax Purposes

By Wen Wen / August 20, 2019

Getting a property valuation is necessary for tax purposes There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands. A common example of this is in respect of property, and especially for transactions when a valuation is necessary […]

How To Deal With Your Tax For Your Airbnb Rental

By Wen Wen / April 10, 2018

Are you renting your property out via Airbnb? Airbnb and the sharing economy Airbnb is an example of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”, to rent out a […]

Foreign Residents CGT Main Residence Exemption Removed

By Wen Wen / January 30, 2018

CGT exemption on principal residence changes for foreign residents Australia’s foreign resident capital gains tax (CGT) rules will be extended to deny foreign and temporary tax residents access to the CGT main residence exemption. This change applies from the date of announcement, 9 May 2017. Properties that were held prior to this date will be exempted until […]