CGT rollovers: ATO administrative treatment
The ATO has released details of its administrative treatment regarding the amendment to allow Australian resident interest holders access to a broader range of CGT rollovers where an entity restructures using a share or interest sale facility for foreign interest holders, contained in the Tax Laws Amendment (2011 Measures No 9) Act 2012. The Act ...more
ATO Compliance Focus for 2010-11: Small to medium enterprises (turnover $2m-$250m)
ATO focus areas in the SME sector for 2010-11 include: a continuing focus on private groups and the tax compliance of the individuals controlling those groups and the entities within them. The ATO says it intends to increasingly use external data to automatically detect and link private groups and the individuals controlling them; a focus ...more
Tax Office 2009-10 tax return forms, schedules and accompanying guides
The Tax Office has released the following tax return forms, schedules and accompanying guides: Business industry codes 2009-10 Capital allowances schedule 2009-10 CGT schedule 2009-10 Company tax return 2009-10 Consolidated groups losses schedule 2009-10 Consolidated groups losses schedule instructions 2009-10 Dividends and interest schedule 2009-10 Family trust election, revocation or variation 2009-10 Franking account tax ...more
Managed investment trusts: new tax system proposed
On 7 May 2010, the Assistant Treasurer announced that the Government will put in place a new tax system for Managed Investment Trusts (MITs) for commencement on 1 July 2011. Senator Sherry said the overhaul includes a dedicated new tax regime for MITs that “will remove longstanding investor uncertainty in the interaction of Australian tax ...more
Helpful light shines on CGT complexity
We’ve all heard of the 2 certainties – death and taxes. Capital gains tax (CGT) neatly fits into the tax certainty – it is likely to appear almost everywhere. CGT is one of the most ubiquitous taxes in the Australian tax system. It’s not too trite to say that almost every transaction a practitioner may ...more
CGT scrip-for-scrip rollover – law to be amended with effect from 6 Jan 2010
On 6 January 2010, the Assistant Treasurer announced that the Government will introduce legislative changes relating to the requirements for the scrip-for-scrip CGT roll-over in respect of takeovers and mergers approved under the Corporations Act 2001. Senator Sherry said that, as the law stands, the scrip-for-scrip roll-over may not be available to shareholders even though ...more
CGT relief for transformation of water rights: ATO administrative treatment
The Tax Office has released details of its administrative treatment regarding the Government’s proposal to provide CGT roll-over relief for irrigators who transform their entitlement to water under an irrigation right held against an irrigation infrastructure operator into an individual water entitlement: see 2009 LTN 39 [1]. This roll-over will facilitate transformation arrangements allowed under ...more
CGT on family homes: Treasurer says "no"
The Treasurer has responded to an article published on the front page of the Weekend Australian (15-16 August 2009 edition). [The article suggested the Govt had asked Treasury to model the possibility of applying CGT to certain family homes.] Mr Swan said the article in relation to CGT on family homes “is factually incorrect”. He ...more
Main residence exemption
In a recent case, the Administrative Appeals Tribunal held that the capital gains tax (CGT) main residence exemption was not available to a husband and wife (the taxpayers) on a unit they acquired with the intention of it being their main residence, but which they ultimately never lived in.
CGT issues for beneficiaries – asset disposal
What are the CGT consequences when an individual passes away leaving a life interest in the income of his estate was granted to his wife with his two children as equal remainder men beneficiaries, and the wife then dies?
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