cgt

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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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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