Tag Archive: tax

‘Capital gain’ deemed to be a revenue gain – why intent is important

Posted on October 3, 2013 by | 0 Comments
Many people would assume that a gain made on the sale of a rental property held for nearly 10 years would be a capital gain eligible for the 50% general discount.  However, in a recent decision by the Full Federal Court, the length of time a rental property had been owned was deemed less significant than other factors in deciding the tax outcomes.  Rather, the court looked at the original intent of the taxpayer and...

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It’s a trap! Watch out for GST on property transactions: Terry Hayes

Posted on September 22, 2013 by | 0 Comments
The sale of a property has GST implications and, potentially, income tax consequences. The GST implications can catch out those who are not fully conversant with how the GST laws apply. A recent AAT decision held that, for the purposes of the GST law, all of the consideration in relation to the sale of a property was received by the taxpayer at the time of settlement on May 16, 2008, despite not all the consideration...

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