Active vs passive assets and the small business CGT concession

The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero. But to access the CGT concessions some conditions […]

Getting a tax valuation from the ATO

We all know that the ATO is the guardian of the tax laws, administers tax regulations and can provide advice and guidance on how they apply. But not every personal situation fits neatly with the tax laws as they stand. Sometimes, an individual may need help understanding and meeting their tax obligations. In such circumstances, […]

Renting out part or all of your home

Generally, if you rent out part or all of your home, the rent money you receive is  assessable. This means that you must declare your rental income in your income tax return, but you can also claim deductions for any associated expenses. However, be warned. If you rent put part of your home, such as […]

CGT property withholding rules

New withholding rules on the sale of property by foreign residents have been introduced – which essentially makes purchasers tax collectors. The government says this has been necessary as foreign investment in Australia, including in residential real estate, is increasing at an unprecedented rate. The rules will apply where real property contracts are entered into […]

Top 7 tax tips for investors

The end of the financial year is not all that far away. To help you to prepare for tax time, we provide our top 7 tips for your 2015-16 tax return. This list is not exhaustive, and we will need to review the items in light of your personal circumstances. Tip 1: Dividend Income We […]

Tax implications of property lease incentives

Lease incentives are commonly used by landlords to entice tenants to enter into a lease. The most common type of lease incentive relates to new tenancies in commercial buildings. These inducements can take many forms, including upfront cash payments, non-cash items such as motor vehicles or boats, expensive paintings, holiday packages, rent-free or rent-discounted periods […]

Your practical CGT framework

The term “capital gains tax” (CGT) is perhaps the biggest misnomer in tax. It is not its own, separate tax on capital gains per se.  For an individual, it is included as part of that person’s assessable income and subject to tax at their marginal tax rate. When a taxing point for CGT happens (referred […]

State rates: Stamp duty calculators

Stamp duties vary from state to state, but also from year to year. To make your job just that little bit easier we have compiled a handy reference table including each state and territory revenue or treasury office, with links to each jurisdiction’s latest stamp duty calculator. Each is current as at February 2015. State […]

Your holiday house and family arrangements

The Tax Office has formed views about disclosing income and claiming deductions where non-economic rental arrangements — that is, “mates rates” — occur involving the use of holiday homes.  A similar approach is adopted for arrangements you may make with family members involving residential property. The following is a summary of the Tax Office’s view […]

Property developers warned on structures that muddy income/capital divide

The Tax Office has warned property developers against using trusts to return the proceeds from projects as capital gains instead of income, warning that it has found many instances that had subsequently been shown to be contrived arrangements to allow developers to inappropriately claim CGT concessions. In a statement, the Tax Office said it had […]