From www.accountantsdaily.com.au: The Federal Court of Australia upheld a decision favouring the Commissioner of Taxation in the Aitken v Commissioner of Taxation case, which involved the income tax implications of a taxpayer’s exit from a forestry management investment scheme.… read more
From publicaccountant.com.au: Understanding cryptocurrency compliance for accountants: investment and trading can be treated differently under Australian tax law.
The Australian Tax Office classifies crypto investments similarly to shares, with distinctions made for capital gains tax versus revenue for day trading.… read more
From sladen.com.au: AusNet Services Limited sought special leave to appeal to the High Court regarding the decision from the Full Federal Court in AusNet Services Limited v FCT, focusing on the “nothing else” requirement for rollover under Division 615 of the Income Tax Assessment Act 1997.… read more
From www.accountantsdaily.com.au: (Podcast) Ani Tuna, head of tax advisory at BlueRock, discusses the significance of small business CGT concessions.
She highlights common errors in applying these concessions, and the conversation aims to enhance understanding of CGT concessions as vital tools for the SME community.… read more
From prosolution.com.au: Using a private company structure for property investment can lead to significant CGT savings, despite the common disadvantages such as no immediate benefit from negative gearing and the inability to access the 50% CGT discount.… read more
From ministers.treasury.gov.au: The Albanese Government has released a Statement on Developing an Innovative Australian Digital Asset Industry, outlining four key pillars to foster a more dynamic digital asset sector while ensuring consumer protection.… read more
From www.smsfadviser.com: Small business owners can utilise the small business CGT concessions, particularly the 15-year exemption, to contribute sale proceeds of business assets to superannuation without these contributions counting against the non-concessional contributions cap.… read more
From www.moneymag.com.au: When selling the family home, most homeowners are exempt from paying CGT on the profit from the sale, provided the property qualifies as their main residence throughout the ownership period.… read more
From linkedin.com: Exploring the concept of trust cloning and its application for inter vivos discretionary trusts, business trusts, and unit trusts, outlining its benefits and the conditions for CGT rollover relief.… read more
From www.knowledgeshop.com.au: The Full Federal Court dismissed the ATO’s appeal in the Bendel case, ruling that unpaid present entitlements (UPEs) owed to corporate beneficiaries are not considered loans for Division 7A purposes.… read more
From www.afr.com: A reader inquires about the challenges faced in calculating capital gains tax on incremental share purchases managed by his accountant, who still relies on manual methods.… read more
From taxbanter.com.au: The updated TR 2004/18 ruling clarifies the application of CGT event K6, stating that pre-CGT interests may be subject to CGT if post-CGT assets comprise over 75% of a company’s or trust’s net value at the time of disposal.… read more
From www.bantacs.com.au: A clearance certificate is now mandatory for selling any real estate in Australia to prevent withholding 15% of the sale price by the ATO if not provided.… read more
From cathropartners.com.au: A discussion of private tax ruling regarding the tax obligations under section 254 of the Income Tax Assessment Act (ITAA 1936) following the sale of a property by Mr.… read more
From cadenalegal.com.au: Small business owners in Australia may qualify for CGT concessions if they meet specific eligibility conditions, including turnover and asset values.
Additional criteria apply for trusts and companies, requiring an active business operation and specific stakeholder participation percentages.… read more