cgt

Your franchise clients and their tax

  If you have a client who asks about taking up a franchise, one of the first things to impart to them would be to point out that the federal Franchising Code of Conduct (download it here) is the primary piece of legislation covering the franchising area. It imposes strict obligations on franchisors to make

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Deriving rent and the small business CGT concessions

  Simon Dorevitch, Senior Tax Consultant at A&A Tax Legal Consulting, examines the pitfalls of satisfying the active asset test for assets that are used to derive rent.   To access the small business CGT concessions, certain conditions must first be satisfied. One such condition is that the CGT asset satisfies the active asset test.

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Airbnb and the Australian tax system

Wei Shiek navigates through the myriad of tax issues of Airbnb and the Australian tax system* Airbnb is one of many examples 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

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Small business CGT concession eligibility to tighten

The government announced last year that it intended to tighten the eligibility factors for the CGT concessions that are generally available to small businesses. The CGT concessions are important for qualifying businesses in that they can defer, reduce or remove liability to CGT. Specifically, the proposed amendments (which have been released in exposure draft form)

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Early CGT exemption when building or replacing a home

It is a widely recognised fact that capital gains tax (CGT) does not apply to a taxpayer’s main residence. What is less well known however is that the main residence CGT exemption can be extended to cover the time it takes to construct (or repair) that residence. In other words, a taxpayer has the option

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