Tag: Capital Gains Tax
Company Disaster
Companies are a disaster if you own a growing small business. They don’t get a 2nd Capital Gains Tax discount if they sell a business and they have the inflexibility of an old man in his first yoga class. You need your head read if you are stuck in one, but there is a way out of a company and into all the business and tax flexibility of a trust.
Company Disaster
Companies are a disaster if you own a growing small business. They don’t get a 2nd Capital Gains Tax discount if they sell a business and they have the inflexibility of an old man in his first yoga class. You need your head read if you are stuck in one but there is a way […]
Main Residence Exemption – The Burden of Truth
I would expect that the majority of property owners and investors have heard something about the “six year main residence exemption for Capital Gains Tax purposes”. If not, here is a brief rundown:
Death and small business CGT concessions
When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, where the deceased owned those assets as joint tenants with another person. As there is a change of ownership a capital gains tax (CGT) event arises.
Property Inheritance – CGT & Property Sales
In my previous article I mentioned that if you inherit a dwelling and later sell or otherwise dispose of it, you may be exempt from capital gains tax (CGT), depending on when the deceased acquired the property, when they died and whether the property has been used to produce income (such as rent).
Property Inheritance – CGT Implications
Since the introduction of capital gains tax in September 1985 if you inherit a dwelling or other property and later sell or otherwise dispose of it, capital gains tax may apply to either the deceased estate or yourself as beneficiary.
Have you made a capital gain this financial year?
If you find yourself with a capital gain this year because you sold an investment property or some shares, it is time to take stock of your other investments and determine if now might be the right time to realise a capital loss.
The tax implications of subdividing your backyard
Subdividing your PPOR (principal place of residence) is a strategy we often get asked about. If you’re thinking about going down this path, there’s a lot to consider before making your decision.
ATO property data match could affect honest owners
Late last year the Australian Taxation Office (ATO) announced its intention to acquire details of property transactions dating back to September 20, 1985. Yep, 1985! The scope and amount of information they are requesting is gigantic!