The thought of the Australian Tax Office (ATO) sharing up to 50% of any gain you make on an investment decision is enough to strike fear into the hearts of most people. Given Australia's love affair with property, it is little wonder that we are often asked about the impact of capital gains tax (CGT) on property. This month, w... |
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It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).
In general, deductions can only be claimed if they were incurred in the period t... |
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The Administrative Appeals Tribunal (AAT) has held that a taxpayer who jointly owned a townhouse with his son (who lived there) was liable for CGT on his share of the property when it was sold.
Facts:
In April 2002, the taxpayer purchased a townhouse for his adult son to reside in, but he had both of them registered on the title of th... |
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If your SMSF has borrowed money (or thinking of borrowing money) to acquire ‘bricks and mortar’ property then there are a few things you need to know.
In 2011, the ATO released a ruling to clarify what you can and can’t do with property that is under a limited recourse borrowing arrangement (LRBA).
The ru... |
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The most common Capital Gains Tax (CGT) event that happens to real estate is its sale or disposal. The time of the event is:
when you enter into the contract for the disposal
if there is no contract – when the change of ownership occurs, or
if the asset is compulsorily acquired by an entity; the earliest of :
when... |
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