tax

The CGT implications of subdividing and building on the family property

Given the state of the property market in Australia these days, a not-uncommon situation can arise where a residential property owner seeks to demolish and subdivide the block containing the family home and build residential units. CGT implications of subdividing and building on the family property. If a taxpayer has the available land of course,

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GST and the buying or selling of real estate premises

Whether a sale of property is subject to GST will be dependent on a number of factors. The sale of real property must be made in the course or furtherance of an enterprise before it is brought into the GST system. One way to explain the relevant considerations is through an example: Alan, a sole

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Amazon’s tax reputation is a challenge for the ATO

The retailing behemoth Amazon is expected to open for business in Australia very soon, perhaps even in time for Christmas. But Amazon’s tax reputation is a challenge for the ATO, with the worrying factor being the mega-player’s track record on dodging its tax obligations in other countries across the globe where it has opened its

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Avoiding the more common BAS mistakes

The ATO knows that business taxpayers can make errors when lodging their business activity statement (BAS) and reporting their GST transactions, even with the best intentions of getting it right. Research the ATO has carried out in the past has indicated that more than 80% of GST errors are unintentional and can be made by

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Profit-making “intention” of asset ownership can influence tax outcome

A profit that arises from the carrying out of a profit-making undertaking or plan (that is, one with a profit-making intention) will be assessable as statutory income under s15-15 of the ITAA97 where the proceeds of the profit-making undertaking or plan are not otherwise assessable as ordinary income under s6-5 ITAA97. Profit-making “intention” of asset

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