cgt

CGT rollover rules under review

Late last year it was announced by the government that the Board of Taxation (BoT) would be tasked with reviewing the rules around CGT roll-overs. At present, the taxation law allows certain CGT events to occur without crystallising liabilities to tax in circumstances where it is considered appropriate for the CGT liability to be deferred

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Main residence CGT exemption when there is no “residence”

There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling. It is a widely recognised fact that an exemption to capital gains tax (CGT) applies to a taxpayer’s principal or main residential property. What

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The same business test replaced by the “similar business” test

  Among the first batch of tax legislation the government dealt with in the new year was Treasury Laws Amendment (2017 Enterprises Incentives No.1) Bill, legislation that contained changes to the “same business” test. It sees the “same business test” supplemented with a more flexible “similar business test” to work out whether a company’s income

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Travel expenses for investment properties (and CGT)

  An article in the latest The Taxpayer1 magazine discussed the relatively recent change to the rules regarding the ability of investment property owners to claim travel expenses related to their residential rental holdings. These claims are no longer allowed (see here for some ATO information). But the wording of the ATO guidance, which was

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Zero CGT discount for non-resident clients? That depends

  The starting point in understanding any complex tax rules (or any complex material for that matter) is usually to understand the “rational” and/or basic “principle” behind the rules. In this case, that basic principle is to deny the CGT discount (in full or part) to a taxpayer if the CGT liability arises after 8

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Top 10 Tax & Super newsroom posts for calendar 2018

  Over the calendar year 2018 there have been many notable tax and self-managed super developments. Apart from bringing news and updates to Tax & Super Australia members and many others, the newsroom page of our website can also serve as a litmus test for what matters most to the tax practitioner community (driven by

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