Capital Gains Tax

buying and selling homes

Buying A New Home Before Selling The Old One (What You Need To Know)

By Wen Wen / September 7, 2021

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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when it comes to real estate and cgt, the timing is important

Real Estate And CGT Event Timing is Important!

By Wen Wen / April 27, 2021

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 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 […]

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CGT on inherited properties

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 […]

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CGT concessions for active assets

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 […]

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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 […]

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