What is a capital gain? When you make a profit, large or small, from selling an investment, this gives you a “capital gain”. A capital gain is the difference between the price you pay for an investment and the price for which you sell it at a profit. Examples of capital gain generators The investments or assets that […]
Capital gains tax exemption rule Typically, the rule for an exemption to capital gains tax applies to the family home, or “main residence”, and the the rule usually applies for only one home at any given time. Exception to the rule Did you know that there is also an exception to that rule? The exception allows for a taxpayer to
Capital Gains Tax Exemption For Two Homes Read More »
ATO warns property developers not to muddy the income /capital divide The Tax Office has warned property developers against using trusts to return the proceeds from projects as capital gains instead of income. Profits from property developments that have been treated as capital gains are high on the Tax Office’s target list right now, with the
Property Developers Warned On Contrived Structures Read More »
Main residence exemption from capital gains tax When you sell or otherwise dispose of a dwelling that was your ‘main residence’ (your home), any capital gain is generally exempt from capital gains tax. This is called the ‘main residence exemption’. In the recent decision in Keep v FCT (2013) AATA 709, the taxpayer was unable
Home Owner Denied Main Residence Exemption On Newly Constructed Dwelling Read More »
Capital gains tax concessions can be challenging to assess If you plan to apply capital gains tax (CGT) concessions against the sale or disposal of a small business asset such as property, shares, collectibles or precious metals, you want to make sure that you consult with an expert advisor before you take any action.
Specialised Advice For Small Business Capital Gains Tax Concessions Read More »
Loans from private companies – Division 7A Private company directors are reminded to ensure they comply with Division 7A, where they provide loans or other forms of financial assistance to shareholders and associates or allow them to use company property. Trust distribution and resolutions Trustees of discretionary trusts are now required to make and document
2012 Year End Tax Planning – Business Read More »