Capital Gains Tax
Tax Consequences Of Land Subdivision
It’s quite common for individuals to subdivide land they own and then sell off one of the blocks. Depending on the circumstances, this can have capital gains tax (CGT) and GST implications. Capital gains tax If you subdivide a block of land, each resulting block is registered with a separate title. For capital gains tax […]
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CGT Retirement Exemption Where Gain Is Made By A Trust (Explained)
Capital Gains Tax retirement exemption rule in small business concessions Applying the “Retirement Exemption” in the CGT Small Business Concessions can be quite difficult – particularly where a company or trust makes the capital gain and the exemption is sought to be applied for the benefit of individual shareholders in the company or beneficiaries in […]
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Inheriting Rental Property Jointly. A Dilemma?
Inheriting post-CGT rental properties Imagine you’re lucky enough to inherit, say, four post-CGT rental properties from a deceased parent – but what happens when your sibling also inherits a half-share of these? While you both acquire a very valuable 50% interest across four properties, it’s safe to say that in most scenarios, you’d both rather […]
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Buying A New Home Before Selling The Old One (What You Need To Know)
Both your new and your old home can be treated as your main residence for a certain period Sometimes an individual or couple decide to buy a new home before selling their existing one. In such cases, a concession exists that allows for both houses to be treated as the main residence for up to […]
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Real Estate And CGT Event Timing is Important!
When selling or disposing of real estate When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs: You enter into the contract (the date on the contract), not when you settle. The fact that a […]
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Small Business CGT Concessions On Vacant Land
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 […]
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