cgt

Inheriting rental properties jointly – a dilemma?

Imagine you’re lucky enough to inherit, say, four post-CGT rental properties from a deceased parent – but your sibling also inherits a half-share of these. While you both acquire a very valuable 50% interest across four properties, it’s safe to say that in most scenarios, you’d both rather have a 100% interest in two of

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How does CGT apply to the sale of a home with a granny flat

Recent amendments to the CGT provisions provide that CGT will not be triggered on the “creation, variation or termination” of a “granny flat interest” under a “granny flat arrangement” – as long as certain conditions are met. This will typically arise where the owner of the dwelling where the granny flat exists enters into some

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Deriving rent and the small business CGT concessions

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. Satisfying this test requires the asset to be an “active asset” of the taxpayer for the lesser of 7.5 years and half of the relevant ownership period. A CGT

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5 tax tips for navigating the small business CGT concessions

By Simon Dorevitch 1 AFFILIATESRemember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Whether a person is an “affiliate” is relevant in numerous small business CGT concession contexts, including when applying the maximum net asset value, small business and active asset tests. Therefore, it is important to remember that the definition

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5 minute tax updates: 5-9 October

Insolvency reform consultation openSmall business tax concessions extended to more SMEsGranny flats to be CGT freeGST BAS toolkit under developmentGST and transaction account acquisitions made outside of AustraliaTPB announces increased service provision for BAS agentsE-invoicing unstoppableBusiness support grants in Victoria to be non-assessable (and could spread)Economy recovery bill introducedAdvisers get to give feedback on code

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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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